auto parts gst: Union Budget 2024: Incentivise capex, rationalise GST rates on EVs, components make part of ACMA’s Budget wishlist
ACMA said it has proposed several key measures to further bolster the sector.
“These include incentivising capex expenditure by reintroducing additional investment allowance provision, increasing depreciation rates on plant and machinery in the auto component industry from 15 per cent to 25 per cent, and rationalising GST rates on EVs and its components,” ACMA said in a statement.
ACMA President & CMD Subros Ltd, Shradha Suri Marwah, said, “ACMA is looking forward to a growth-oriented budget with continued thrust on reforms and infrastructure development. Schemes such as the PLI have been of great support to the automotive industry, and we are hopeful that such measures will be continued.”