Financial Daily from THE HINDU group of publications
Friday, Mar 04, 2005
Financial Daily from THE HINDU group of publications Friday, Mar 04, 2005 |
|
|
|
|
|
Corporate
-
Announcements Apollo Tyres cuts prices K.R. Srivats
New Delhi , March 3 THE Rs 2,300-crore Apollo Tyres Ltd (ATL) has cut product prices across different categories to pass on the benefits arising from the duty changes announced in the Union Budget. The Finance Minister, Mr P. Chidambaram, had announced, among other duty changes, a reduction in excise duty on tyres from 24 per cent to 16 per cent. "The price cut is in the range of 2-4.5 per cent across products and various categories," a company official said. The official, however, declined to go into the specifics of the price reduction. After the Budget announcements, the excise duty on truck and bus tyres for the replacement market was reduced to 16 per cent. Truck and bus tyre accounted for over 70 per cent of the turnover of the tyre industry in value terms. Prior to the Budget announcements, the excise duty on a truck tyre was about Rs 1,550 per tyre. The reduction in excise duty was a long-standing demand of the tyre industry. Excise duty on tyres supplied to vehicle manufacturers (OE) is 16 per cent (8 per cent special excise duty is exempted against form CT2).
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|