Union Finance Minister Nirmala S. Sitharaman will announce her Union Budget 2023 for the coming financial year 2023-2024 before the Parliament on February 1, 2023. In the days before the announcement of the budget, a lot of sectors of the country are waiting with lots of expectations from the budget itself. In this situation, we will inform you about the hopes of the nation’s auto industry i.e. the automobile industry, based on the financial plan. find out what the market demand is.
A booming automobile sector
The mobility and automotive industry are not different from one other. It is evident that the automotive sector is achieving record-breaking sales at a rapid pace. Because of this, the sector has seen a positive return. If there’s some relief to this sector in the current budget (2023-24). This will impact retail sales. Then it will increase quickly. The auto industry also anticipates tax relief in the budget.
Benefits directly to customers directly
According to reports in the media according to media reports, the Director General for the Society of Manufacturers of Electric Vehicles (SMEV) and the CEO of Hero Electric have made several demands to the Central Government. In his request that the benefits of the fame policy subsidy should be given directly to customers. There is a demand for a GST rate of 5 percent for electric vehicles. The rate is between 18 and 28 percent. GST must be paid for goods made from EVs. You may have noticed as part of the overall budget the demand is being proposed to alter the GST rate. There is a need to change the GST rate in a new way for the automobile sector. There is a desire to place it in the tax bracket that is lower.
The life span of vehicles will be extended by methanol
Ethyl Alcohol ie Ethanol is an Organic Compound. The government is now using ethanol to blend it into petrol to sell it. In addition to electric vehicles, the focus will be placed on promoting other alternative fuels, in the form of ethanol-based blending, CNG, hydrogen, etc. The government has set the goal of a 20 percent blend of ethanol in 2025. India is the main producer of ethanol using 1G, which can be described as food biomass, but it needs to be increased. Initiatives must be promoted on a district level to increase one-G’s production.
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