Union Budget 2016: Expectations from UM India
"The industry is bullish as the Finance Minister has been indicating on tax rationalization which may empower consumers with more disposable income and boost retail growth. GST and labour reforms with time bound implementation are few moves which the industry has been waiting for long that we anticipate.
The excise duty rationalisation is the need of the hour to boost the auto industry. Excise duty for bikes/scooters should be reduced to 10 per cent as the GST will fetch more taxes for the government. SAD and excise duty adjustment need to be simplified. Incentives to promote Make in India are expected especially in the auto component industry. Spending in infrastructure by the government will boost the industry overall. I would like to see these initiatives:
- Excise duty rationalisation
- GST implementation
- Tax reduction/rationalisation on dividend to foreign companies to promote Make in India
The SOPs are being given by the Government to consumers. There is a need to build infrastructure for the electric vehicles. Creating charging stations and other infrastructure to support the industry is a must. Many companies have offered in the past, but could not get traction in the absence of a clear policy and infrastructure. Our partner Lohia Auto is working on many such initiatives to bring the new technology and offer the best products in coming months."
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