Comments from: Sulajja
Firodia Motwani, Founder and CEO of Kinetic Green and Vice Chairperson, Kinetic
Group on the Budget 2020 announced today
The Budget 2020 announced by Hon’ble Finance Minister
today isa practical budget, with directional announcements towards improved
ease of business, with ideas such as amendments to Companies Act, simplified
GST returns, reduced tax harassments etc. and also various developmental
schemes. However, we look forward to speedy and efficient implementation. There
are some measures to attract foreign investments as well and a new optional
income tax regime, for a feel good factor. DDT has been abolished but dividend
taxed at the hands of the investor will pinch her or him.
From an EV industry point of view, the budget is quite
neutral. FM has announced new scheme to promote automotive electronics and
semi-conductors manufacturing which in the long run, can aid EV component manufacturing
in the country.
Budget also contains notifications on increased
customs duty on EV imported in form of CBU/SKD/CKD, to encourage“Make in India”. In coming years, we feel that duty on EV
component import should also be increased to promote local component
manufacturing.
Overall, while the budget lacks big impact
announcements, we welcome this budget and appreciate Government’s steps towards
development, ease of doing business and steps to increase EVmanufacturing by
the industry.
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