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ACMA’s 2024 Budget Wishlist: Incentivize Capex & Rationalize GST on EVs

26 Jun ACMA’s 2024 Budget Wishlist: Incentivize Capex & Rationalize GST on EVs

Posted at 05:17h in GST, News by
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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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