Apollo Tyres to pass on benefits of excise cut to its end customer
By Our Corporate Bureau | 05 Mar 2003
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New Delhi: Apollo Tyres Ltd (ATL) has announced that the company will be passing on the benefits of the excise cuts announced in Budget 2003-04 to its end customer.
“The reduction in the excise duty on tyres is an immediate cause for relief for the tyre industry, which is currently faced with the spectre of rising input prices. We will be passing on the benefits of excise cuts to the end customer,“ says ATL chief operating officer Neeraj Kanwar.
Budget 2003-04 had brought the special excise duty on tyres for the replacement segment down to 8 per cent from the earlier 16 per cent. With a basic excise duty of 16 per cent and an 8 per cent special excise duty, the overall incidence of excise on tyres for the replacement segment comes to 24 per cent.
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