Under the voluntary vehicle scrapping policy, personal vehicles would undergo a fitness test after 20 years, whereas commercial vehicles would need to take it after completing 15 years
After the announcement auto stocks of many manufacturers such as Mahindra and Mahindra, Maruti Suzuki and Tata Motors gained on the stock market
Budget 2021: The government should provide financing options, reduce GST on raw materials, reduce duties on lithium ion cell batteries, which may boost the sales of electric vehicles, according to Brickworks Ratings
According to the proposal, private vehicles older than 15 years could be taxed higher as would transport vehicles older than eight years
Union Budget 2021: Mumbai-based HDFC Securities has also recommended that the government should propose a reduction in Goods and Services Tax (GST) on smaller cars to 18 per cent
Budget 2021: Reduction of GST tax rates to 18 per cent and introducing incentives for electric vehicle buyers in the upcoming budget can boost the demand in the automobile sector
Union Budget 2020: Until the introduction of GST on petroleum products, suitable amendments in the CENVAT (Central Value Added Tax) rules will lower the production costs for oil and gas companies, according to the industry body.
The Society of Indian Automobile Manufacturers (SIAM) has sent this and other recommendations to the government for the upcoming Budget 2020-21.
India, in an effort to curb high pollution in several cities and to bring down its fuel import bill, is encouraging automakers to build EVs.
Industry Body Confederation of Indian Industries (CII) has called for imposition of lower custom duty for battery importers of electric vehicles.