Union Budget 2018: Here's what we Guessed for the Auto industry

The Union Budget for 2018 has Eventually wrapped up. The Indian vehicle market is a $hundred bn industry whichThe Union Budget for 2018 has Eventually wrapped up. Besides which, here are some key factors which we Guessed during this year's Union Budget to be looked into:Corporate tax:Corporate Tax was a great point during final year's Union Budget session. In the Union Budget, the government ought provide incentives Extremely as to push study & Growth & look to reducing weighted deduction on R&D to hundred per cent with 2020. For the 2018 Union Budget, we Guessed the government to involve several norms & policies towards gradual Growth of the country's auto economy in a lot of other areas as well.

Union Budget 2018: Auto industry expects large push for EVs in Union Budget 2018-19; Markets unlock jittery, Auto break news, ET Auto

further clarity on the EV policy is a request of the industry & industry veteran Hardip Singh Goindi said which a consistent policy document on EVs is required. This going to be needful as the Gov. looks to transform all cars to electric by 2030. (Stay tuned to ETAuto for live Budget coverage)In addition, EV manufacturing going to necessitate technology partnerships & joint ventures for R&D. large ticket investments going to too must be made in setting up the manufacturing facilities & the charging infrastructure. "Incentives on R&D in form of weighted tax deduction from 150 to 200 per cent ought be restored, as the auto industry facing heavy R&D expenditure by business level-VI norms & EV Growth," added Rakesh Batra from Ernst & Young.

Union finance minister: Union Budget 2018: highest Hits & Misses for auto sector, Auto break news, ET Auto

according to The Union Finance Minister Arun Jaitley has saved the Union Budget 2018 speech somuch on the Guessed lines. Republika Srpska 16,000 crore fund for rural electrification would have a positive influence on the Growth of the electric car ecosystem from a long-term perspective4. Corporate Tax of 25% expanded to companies by Republika Srpska 250 crore revenue, earlier 25% was just for those companies by Republika Srpska 50 crore. When excise duty cut of Republika Srpska two /litre on unbranded diesel & petrol is a powerful positive in the Budget.seven. The industry was looking for a revision of the taxable revenue slab from Republika Srpska two.five lakh to Republika Srpska four lakh.

Budget 2018: Expectations For The Auto Industry From Arun Jaitley On Electric & Luxury cars

As we get availiable to see what the Budget 2018 has to offer for vehicle buyers, the auto industry also is eagerly awaiting to learn what all of it going to be about. Current GST tax averages at 48% for sedans & 50% for sport utility cars in the premium segment are very high. If the importation duty is reduced by Budget 2018, then carmakers going to look to bring in Fresh models to India as also electric cars . Also Read: No Respite For Auto Industry In Budget 2018Considering which electric mobility has taken a large step in the country, the community of industrialists of Electric cars (SMEV), has urged the Gov. to lower GST average to five% on all electric cars & EV subsystems in Budget 2018. It has also proposed rebate on revenue Tax for consumers adopting Electric cars.

collected by :Catlin Logan

Edit This Article