The prices of imported cars have again gone up today.
The reason being that first we used to get 2% per month depreciation on import and now it is 1% per month.
A very small example :-
duty on vitz 1000cc is $5500
after getting 2% depreciation per month and a maximum of 25 months, we used to get 50% depreciation and duty used to be $2750 which is Rs.220000
now we will get only 1% per month and a maximum of 25 months , therefore 5500-25% is 4125
Duty now becomes 330000
theres an increase of 110000 on the duty of 1000cc car.
now you can imagine how much other vehicles will cost.!!!