Mr. Suman Mishra, MD & CEO, Mahindra Last Mile Mobility, said that electric three-wheelers and It highlights the transformative potential of commercial vehicles.
“We call on the Union Budget 2024 to prioritize this sector through continued support for FAME and promote economic empowerment for the environmental well-being of the highest value for all,” she said. said.
“Reducing GST on EV services from 18% to 5% is essential to accelerate the adoption of EV-led delivery services. EV purchases are subject to a 5% GST rate, while internal combustion engine 28% for (ICE) vehicles, but a similar distinction should apply to services. Additionally, rewarding users based on carbon savings and miles driven will provide specific incentives for sustainable choices. Akash Gupta, co-founder and CEO, added: zyp electric.
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Luxury cars currently have high tax rates. These fall under the top GST rate of 28 per cent, with an additional rate of 20 per cent for sedans and 22 per cent for SUVs. This adds up to a total tax rate of up to 50%.
“We expect capital investment in infrastructure projects to continue and support the automotive sector. Green mobility policies remain a key focus for governments and must facilitate faster adoption of electric vehicles. ”” said Santosh Iyer, MD & CEO, Mercedes-Benz India.
The luxury car industry contributes significantly to GDP and the sector wants streamlined tariff structure and GST prioritization, he added. “Overall, we expect there to be consistency across policies and no surprises in the next budget,” Iyer said.
Toyota kirloskar motor Swapnesh R. Malu, Deputy Managing Director (Corporate Planning, Finance & Administration, Manufacturing), is committed to the government’s efforts to reduce dependence on fossil fuels and move the economy and transport sector towards a greener future. expressed confidence.
“Looking to the future, stable policies and continued commitment to investment promotion and infrastructure development will not only improve the country’s international competitiveness, but also foster growth in the manufacturing and services sectors,” he said. he added.
CarDekho Group Chief Financial Officer (CFO) Mayank Gupta expressed hope that the government will address the GST anomalies related to self-driving cars.
“Governments could consider addressing GST anomalies on self-driving cars, considering lowering the surcharge to cap personal tax rates at 30%, and extending long-term capital gains benefits to employee stock ownership plans (ESOPs). ”
Narinder Mittal, Country Manager and Agriculture Business Managing Director, CNH India and SAARC, said, “To future-proof the agriculture sector, we see measures that can further support the adoption of innovation and technology to improve agricultural mechanization. I hope that it will be done,” he added. Our country. Efforts to upskill farmers and improve their understanding of modern farming methods, financial literacy and other related aspects will be crucial for the industry in the long run. ”