The recently released budget by Finance Minister Nirmala Sitharaman gave income taxpayers some relief. This includes modifying the income tax system and the rates for various tax brackets. The tax rate on income under Rs 3 lakh will be zero under the new income tax system. See the updated tax system below:
Rs 0 - Rs 3 lakh: Nil
Rs 3 lakh - Rs 5 lakh: 5%
Rs 6 lakh - Rs 9 lakh: 10%
Rs 12 lakh - Rs 15 lakh: 20%
Rs 15 lakh and above: 30%
With more disposable income as a result of the amended income tax rates, two-wheeler sales in the Indian market should increase over the next few months. Additionally, the government has revealed plans to increase the sales of electric automobiles. Therefore, Sitharaman suggested extending the reduced rate on lithium-ion batteries for an additional year.
Banwari Lal Sharma, CEO of Consumer Business, CarTrade Tech, commented on the developments, claiming that the Union Budget 2023–24, which was made public by Finance Minister Nirmala Sitharaman, is progressive, sensible, and growth-oriented with a focus on encouraging people to save more money. Sharma continued by saying that the government's goal of becoming carbon neutral by 2070 will be advanced by the sustainability measures implemented through announcements on green hydrogen and other energy sectors.
Dr Pawan Munjal, Chairman & CEO of Hero MotoCorp, commented on the Budget 2023 and said it does a great job of balancing fiscal responsibility and inclusive growth. Dr Munjal continued by saying that the budget plans, particularly those related to capital spending, agri-credit, infra-development credit, and lower tax slabs, will increase consumers' disposable income and support the expansion of the auto industry.
According to Sohinder Gill, director general of the Society of Manufacturers of Electric Vehicles, many components for electric vehicles, including lithium cells, permanent magnets for electric motors, semiconductors, etc., will still need to be imported. As a result, they anticipate that the customs duty on these necessary imports will be rationalized, which will help keep the price of electric vehicles in check. In addition, Gill added that some price stability for batteries might result from the maintenance of the duty-free customs status for equipment used to make lithium-ion batteries.
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