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Monday 08 July, 2024
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Budget 2023-24: Significant Relief for Bus and Truck Manufacturers

BY Shahzad Saeed Jun 09, 2023. 09:55 pm UPDATED: Jun 09, 2023. 09:55 pm

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In the fiscal year 2023–2024 budget, the government provided significant relief for HCV manufacturers.

According to the Finance Bill 2023-24 document, the customs duty (CD) on the import of completely knocked-down (CKD) buses and trucks has been decreased from 10% to 5%.

Bus and truck prices will probably be impacted by this. Even though the manufacturers might not raise the cost, the decline in CD will probably help keep prices stable for a while, which may be good news for the operators of goods and passenger transport services.

The import of agricultural tractors is now subject to a 15% CD imposed by the government. Details indicate that the government set the CD for these tractors based on their engine power.

According to a document, the government has imposed a 15% CD on tractors with engines ranging in power from 26 kW to 75 kW. Other than the aforementioned models, the CD for agricultural tractors is 10%.

Read more: Budget 2023-24: Huge Customs Duties Applied to the Import of Car Parts

 

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