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Bangalore Feb. 28 Toyota Kirloskar Motor has termed the Union Budget disappointing as it has not addressed the auto industry's plea for 16 per cent uniform excise duty for all passenger cars.

"The automobile industry request of 16 per cent uniform excise duty for all passenger vehicles, a request repeatedly made over the years, has not been addressed. Hence the market distortion in the sector would continue," Toyota Kirloskar Motor's Deputy Managing Director, Mr K.K. Swamy, said. He said the acquisition cost of cars will also increase with the levy of additional cess of 1 per cent for secondary and higher education.

The reduction in customs duty peak rate from 12.5 per cent to 10 per cent would help in maintaining competitiveness in the industry. Another step in the right direction is reduction of Central Sales Tax from 4 per cent to 3 per cent. However, this would get neutralized to an extent due to the additional educational cess.

The ad valorem excise duty reduction from 8 per cent to 6 per cent on petrol and diesel would help in curtailing inflation to some extent.

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