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AICMA for removing 4 p.c. excise duty on bicycles

By Our Special Correspondent

NEW DELHI DEC. 17. The All India Cycle Manufacturers' Association (AICMA) today urged the Government to remove the 4 per cent excise duty imposed on bicycles in the Budget 2002-03. The imposition of excise duty resulted in an increase of Rs. 122 in the cost of a bicycle.

The bicycle industry had been growing at 6-7 per cent annually. However, sales of bicycles in 2002 are projected at one crore units against 1.17 crore units in 2000-01, a fall of more than 15 per cent.

A. Vallayan, President, AICMA, said "The increase in net gain of Rs. 35 crores through the imposition of excise duty on bicycles has been more than offset by the loss to the exchequer due to reduced bicycle sales and loss of Central and sales taxes. The loss to the exchequer is estimated at Rs. 15.50 crores annually".

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