The Union Budget 2017 has finally been presented, and it is time to look at the elements of the new fiscal year s budget that are related to India s automobile sector. Looking back, the union budgets of past fiscal years have hardly ever addressed the automotive industry in the country directly. The new budget is more or less the same, with no direct mention of the automotive sector throughout Finance Minister Arun Jaitley s presentation. But the changes brought in with the new auto budget 2017 will hopefully boost the market for cars and bikes, or at least make things easier and accessible to the Indian consumer. Here is a look at what we have seen with the auto budget 2017 presentation. Also Read: Budget 2017: Which items to cost more, what turns cheaper
Prior to the budget, the much-debated and awaited GST, which promises uniform tax for all, was expected to arrive by June 2017. At the Union Budget 2017 presentation, Arun Jaitley noted that the government is ready for implementing GST and will begin industry reach-outs from 1 April to increase awareness of the new rules. Jaitley did not discuss the specifications of the GST implementation, however. At the budget presentation, he said, “GST Council has finalised recommendations on all issues, the preparedness of IT is on schedule. On April 1, the reaching out to the industry will begin to make them aware of the new tax system as per schedule.” Also Read: Budget 2017: Foreign Investment Promotion Board (FIPB) to discontinue from next year
Jaitley added, “Preparatory work on GST is top priority of the government. Several teams of the Centre and states are working on it.” Because of the imminent implementation of GST, today s budget did not have several changes in customs and excise numbers. Meanwhile, he also said that the government will be increasing its investment on national highway infrastructure. He noted that 140,000 km of highways were built in 2014-2015, more than the last three years. The Pradhan Mantri Gram Sadak Yojana saw 133 km of roads made per day, and the minister has increased the allotted funding amount for highway development from the previous INR 57,676 crore to 64,000 crore.
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