3 New Major Design Details Mahindra XUV 3XO Will Pack Over...
- Apr 12, 2024
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According to a pre-budget memorandum submitted to the government by the Society of Indian Automobile Manufacturers (SIAM), carmakers across the country have urged the government to reintroduce excise duty benefits on vehicles and auto components and justify taxes and take demand-side policy measures to provide a boost to the auto sector.
The pre-budget memorandum submitted to the government by SIAM seeks reintroduction of excise duty benefits on vehicles and auto components; rationalise taxes on vehicles as currently automobiles have four excise rates; removal of National Calamity Contingent Duty on vehicles and demand for an incentive-based fleet modernisation plan to remove old, polluting vehicles.
SIAM also demands resumption of road tax, octroi or its equivalent levy and R&D cess on tech import in GST to prevent cascading effect. SIAM also expects the government removal of excise duty anomaly on motor vehicles having carrying capacity of 10 to 13 persons, including the driver, which currently faces duty similar to that on luxury cars. This auto body also demands reduction in excise duty on ambulance chassis from the government.
SIAM expects from the centre, the retention of customs tariff on completely built units for cars/MUVs/passenger, three-wheelers under tariff heading 8703 and two-wheelers/hoods, three wheelers under tariff heading 8711; raise customs tariff on commercial vehicles under tariff heading 8702 & 8704 to 40 per cent.
The auto industry body also wishes that the government raises depreciation rate for cars, MUVs and vans (excluding those used in the business of hire) to 25 per cent from 15 per cent in order to bring down the useful life to 10 years instead of the 19 years at present.
SIAM also expects the government to expand 150 per cent weighted deduction for expenditure incurred in skill development to cover ITIs, diploma institutes and other institutes, including manufacturers' own training institutes.
Further the auto industry body demands that the old Ministry of New and Renewable Sources (MNRE) scheme should be reinstated as the report on electric/hybrid vehicles is pending. Automakers through the pre-budget memorandum have also urged the government to reduce the two per cent CST to 1 per cent as was proposed by government when the announcement for GST implementation was made.
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