ACMA Advocates Incentives and Tax Reforms Ahead of Budget 2024-25

The Auto Components Manufacturers Association (ACMA) urges the government to incentivize capex expenditure, increase depreciation rates on plant and machinery, and rationalize GST rates on EVs and its components ahead of the Budget 2024-25. They have submitted several recommendations to the Ministry of Finance and the Ministry of Heavy Industries.

The Auto Components Manufacturers Association (ACMA) has called on the government to introduce incentives for capital expenditure, boost depreciation rates on auto component machinery, and streamline GST rates on electric vehicles and their parts in the forthcoming Budget 2024-25.

Submitting its recommendations to the Ministry of Finance and the Ministry of Heavy Industries, ACMA highlighted the need for clarity on tax deductions on business benefits under Section 194R, and proposed an amnesty scheme to settle legacy disputes under customs laws.

ACMA President & CMD of Subros Ltd, Shradha Suri Marwah, emphasized the importance of a growth-oriented budget, highlighting the role of schemes like the Production-Linked Incentive (PLI) in advancing the automotive sector.

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