Budget 2023: Expectations for automotive sector, details here!

New Delhi: Union Finance Minister Nirmala Sitharaman will present the Union Budget 2023 for the next financial year 2023-2024 in Parliament on 1 February 2023. Before the arrival of this budget, many sectors of the country are sitting with a lot of hope from the budget itself. In such a situation, we are going to give you information about the expectations of the country’s automotive sector i.e. the auto industry from the budget… know what is the demand….

Booming environment in the auto industry

The automotive and mobility industry is no different from each other. It is to be known that the auto industry is doing record breaking sales very fast. Due to this, this sector has made a good recovery. If there is some relief from the government for this sector in this year’s budget (2023-24). So it will affect retail sales. And it will grow rapidly. People associated with the auto industry are also expecting tax relief from the budget.

Benefits directly to customers

According to media reports, the Director General of the Society of Manufacturers of Electric Vehicles (SMEV) and the CEO of Hero Electric have made several demands to the Central Government. He has said in his demand that the benefit of fame policy subsidy should go directly to the customers. There has been a demand for 5 percent GST in EVs. While 18 and 28 percent GST has to be paid for EV goods. It may be known that in the general budget, a demand is being made to change the GST rate. There is a demand to fix the GST rate afresh for the auto industry. There is a demand to bring it in the lower tax bracket.

Life of vehicles will increase with methanol

Ethyl Alcohol ie Ethanol is an Organic Compound. Now the government is using it to mix it with petrol and sell it. Apart from electric vehicles, emphasis will be on supporting other alternative fuels in the form of ethanol blending, CNG, hydrogen etc. The government has already set a target of 20 per cent ethanol blending by 2025. India mainly produces ethanol from 1-G, which is food biomass based but needs to be scaled up. Initiatives should be encouraged at the district level to maximize the production of 1G ethanol.

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