The Union Budget 2023 was presented by Finance Minister Nirmala Sitharaman on Wednesday and among some big-ticket announcements for the Indian automotive industry was the decision to hike customs duty on fully imported car models. Customs duty on vehicles in completely built units (CBUs) costing less than USD 40,000 or with engine capacity less than 3,000 cc for petrol-run vehicles and less than 2,500 cc for diesel-run vehicles has been raised from 60 per cent to 70 per cent,…
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