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Customs Duty and taxes on the poor man's 'Iron Horse', the bicycle, rank at par with the highest duty slab applicable, The Bicycle Traders' Association said in an appeal to Finance Minister K.N. Choksy yesterday.

The present duty and other tariffs charged amount to a total of 53% of the cost, placing this mode of transport clearly beyond the reach of those who appreciate it most, the Association said.

The Association stressed that there are no bicycle manufacturers in the country. What's available are plants which assemble imported components. In no way does it lead to a significant saving of foreign exchange.

"Earlier, the UNP dispensed with the Turnover Tax and reduced the Defence Levy in order to reduce the price. Several Developing countries including India and China have granted maximum concession", the memorandum said.

The Association suggested that a reduction in Customs Duty from 25% to 5% and the removal of the GST would not only help the cause of the poor, but build a healthier nation but would also stand to benefit the economy in the longer term.

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