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- Feb 23, 2024
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The Union Budget is development focused but doesn’t quite benefit the auto industry directly, at least in this financial year. No decisions were taken on the excise duty levied on automobiles and there has been a minor increase in service tax. A reduction in customs duty was announced but the details haven’t been shared yet.
Arvind Saxena, President and Managing Director, General Motors India commented, “The budget looks to be a pragmatic one as it focuses on infrastructural development, education, skill development, agriculture, irrigation, health care and social security schemes.”
Specifically sharing his views with regards to the automotive industry, Arvind Saxena said, “As far as the automotive industry is concerned, we were expecting excise duty cut on all categories of vehicles as the auto industry continues to bleed due to high interest rates, economic slowdown etc. There are some changes in CST and also on customs duty which need to be clarified from the fine print.”
Welcoming the announcement on in road construction and increasing network to connect rural India, Saxena said, “Having said this, the focus on rural roads, highways, expressways, incentives for electric vehicles are welcome decisions. Some of the other announcements made by the finance minister on the direct taxation front are also positive steps.”
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