Union Budget 2023: Will there be relief regarding EV, GST and fuel, what can be announced – Expectations of auto sector regarding EV GST and alternative fuel in Union Budget 2023

Union Budget 2023: People want big relief on the electric vehicle front, GST.

New Delhi : union budget 2023 (Union Budget 2023) It will be presented before Parliament on Wednesday. Auto sector which is coming back on track in the last one year (auto sector) There are a lot of expectations from this budget. The eyes of the vehicle manufacturing sector are focused on certain points. For this demand, the central government (central government) They have been planting wood for many years. The central government is serious about giving booster dose to the auto sector after Kovid. There is a possibility of getting big relief in that regard in the budget to be presented tomorrow. Not only the auto sector but the buyers are also expected to get the discount. In that sense, the central government will have to make a big effort.

The auto sector has been demanding FAME subsidy on electric vehicles, GST on auto parts and alternative fuels. If there is any major change in this, then it will have a direct impact on the sale of vehicles. Buyers can buy vehicles at affordable prices. Or at least he will get a discount on it.

society of manufacturers of electric vehicles (SMEV) He has an old demand regarding subsidy. He has demanded to get fame subsidy. The automobile industry has demanded direct pass-through of the subsidy to the consumers.

Along with this, emphasis has also been laid on increasing the time limit of fame subsidy. According to SMEV, a major announcement is needed to accelerate the sector and boost the electric vehicles market. That’s why the government has been demanded to extend the time limit of fame grant.

Necessary parts for EVs. One more demand has been raised to reduce GST on this. Accordingly, currently 18 to 28 percent GST is levied on spare parts. This increases the cost of production.

In such a situation, after selling EV, customers have to spend a lot on buying new parts. Because GST is levied on it. To reduce this cost, there is a demand to reduce GST on spare parts. Union Minister Nitin Gadkari has promised to help in this matter as soon as possible. In such a situation, there is a possibility of getting relief in the budget.

Emphasis on alternative fuel has been requested. Accordingly, incentives will be given to increase the number of vehicles running on biogas and hydrogen. The demand for heavy subsidy and provision of infrastructure for the production of such vehicles has been assessed.

If the number of these vehicles increases, then the government or the environment will get a big relief. Either way it will greatly reduce the chance of contamination. The second biggest advantage would be cost reduction. Travel can be done at very low cost. This will reduce the fuel burden on the vehicle owners.

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