A reduction in the Goods and Services Tax (GST) rate to 18 per cent on vehicles, introduction of an incentive-based scrappage policy, and measures to boost consumer sentiments top the expectations of the automobile industry — which is grappling with one of the worst slowdowns in decades — from the upcoming Budget.
Finance Minister Nirmala Sitharaman will present the budget on February 1.
“At the Society of Indian Automobile Manufacturers (SIAM), we have urged the Finance Ministry to consider announcing an incentive-based scrappage policy and also Budget allocation for internal combustion engine (ICE) bus procurement by State transport undertakings. Increased cost of BS-6 (vehicles) may affect demand, hence, we have also requested the government to reduce GST rates for BS-6 vehicles effective April 1 from 28 to 18 per cent,” said Rajan Wadhera, President, SIAM, and President, Automotive Sector, Mahindra & Mahindra Ltd.
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