Finance minister P Chidambaram cut excise duty in the vote on account presented in the Lok Sabha on Monday and because of this the prices of cars, SUVs, two-wheelers may come down.The finance minister reduced the excise duty for small cars from 12% to 8% and for SUVs from 30% top 24%.
The auto industry has been reeling under a slowdown and had sought a relief package from the government.
Prices are expected to come down almost immediately as companies will pass on the benefit of lower factory gate duty to the market.
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