CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Wed, 26 Jun 2024 05:17:29 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 ACMA’s 2024 Budget Wishlist: Incentivize Capex & Rationalize GST on EVs https://www.nyca.in/acmas-2024-budget-wishlist-incentivize-capex-rationalize-gst-on-evs/ https://www.nyca.in/acmas-2024-budget-wishlist-incentivize-capex-rationalize-gst-on-evs/#respond Wed, 26 Jun 2024 05:17:29 +0000 https://www.nyca.in/?p=11421 ACMA urges the government to support capex, increase depreciation rates, and rationalize GST rates for EVs and components in Budget 2024-25. Key proposals include tax deductions and an amnesty scheme for customs disputes.

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Ahead of the upcoming Budget 2024-25, the Automotive Component Manufacturers Association of India (ACMA) has urged the government to introduce measures that support capital expenditure, increase depreciation rates for plant and machinery, and rationalize GST rates for electric vehicles (EVs) and their components. In its recommendations to the Ministry of Finance and the Ministry of Heavy Industries, ACMA also requested clarification on tax deductions for business benefits and perquisites under Section 194R and suggested an amnesty scheme to resolve legacy disputes under customs laws.

ACMA’s statement highlighted the following key proposals:

  • Incentivizing capital expenditure by reintroducing the additional investment allowance provision.
  • Increasing depreciation rates on plant and machinery in the auto component industry from 15% to 25%.
  • Rationalizing GST rates for EVs and their components.

AMA President emphasized the association’s desire for a growth-oriented budget that continues to prioritize reforms and infrastructure development. “Schemes such as the PLI have greatly supported the automotive industry, and we hope such measures will be sustained,” he said.

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