New Delhi, Auto component industry body ACMA on Monday called for encouraging capital expenditure, increasing depreciation rates on plant and machinery and rationalizing GST rates on EVs and its components ahead of the upcoming Budget 2024-25.
In its recommendations submitted to the Ministry of Finance and the Ministry of Heavy Industries, the nodal ministry for the automotive industry, ACMA suggested the government to introduce an amnesty scheme to resolve inheritance disputes regarding tax deduction on business profits and perquisites under section 194R. Also asked for clarification. Under customs laws.
ACMA said it has proposed several key measures to further promote the sector.
"These include encouraging capital 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 increasing GST rates on EVs and its components," ACMA said in a statement. involves rationalizing." ,
ACMA President and CMD Subros Limited, Shraddha Suri Marwah said, “ACMA is looking forward to a growth-oriented Budget with a continued emphasis on reforms and infrastructure development. Schemes like PLI have been very helpful to the automotive industry, and we hope "That such measures will continue."
In its recommendations submitted to the Ministry of Finance and the Ministry of Heavy Industries, the nodal ministry for the automotive industry, ACMA suggested the government to introduce an amnesty scheme to resolve inheritance disputes regarding tax deduction on business profits and perquisites under section 194R. Also asked for clarification. Under customs laws.
ACMA said it has proposed several key measures to further promote the sector.
"These include encouraging capital 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 increasing GST rates on EVs and its components," ACMA said in a statement. involves rationalizing." ,
ACMA President and CMD Subros Limited, Shraddha Suri Marwah said, “ACMA is looking forward to a growth-oriented Budget with a continued emphasis on reforms and infrastructure development. Schemes like PLI have been very helpful to the automotive industry, and we hope "That such measures will continue."
