Finance minister P Chidambaram cut excise duty in the vote on account presented in the Lok Sabha on Monday. It is expected that prices of cars, SUVs, two-wheelers and commercial vehicles come down .
Finance minister P Chidambaram reduced the excise duty for small cars from 12 per cent to 8 per cent and for SUVs from 30 per cent top 24 per cent.
Excise duty on large cars will decreased to 24 % from 27 % earlier, while the duty on mid-sized cars will go down to 20 per cent from 24 per cent previously.
The excise duty cut will be applicable up to June 20, 2014.
