Auto components industry body ACMA on Monday called for incentivising capex expenditure, increasing depreciation rates on plant and machinery and rationalising 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 nodal ministry for automotive industry, the Ministry of Heavy Industries, ACMA also asked the government for clarification of tax deductions on business benefits and perquisites under Section 194R while suggesting an amnesty scheme for resolving legacy disputes under customs laws.
ACMA said it has proposed several key measures to further bolster the sector.
The story "ACMA Budget 2024 wishlist: Incentivise capex, rationalise GST rates on EVs" has 281 words across 10 sentences, which will take approximately 2 - 3 minutes for the average person to read.
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