Finance Minister Nirmala Sitharaman
Preparations for the general budget are going on at a fast pace. Finance Minister Nirmala Sitharaman will present the budget in Parliament on February 1. Many concessions are being expected on the tax front in this budget. In this context, Chief Executive Officer (CEO) of two-wheeler manufacturer Hero MotoCorp Niranjan Gupta on Wednesday demanded a reduction in Goods and Services Tax (GST) on two-wheelers with capacity up to 125 cc, saying that these vehicles are not available to the general public in the country. There are transportation options for. He said that honestly speaking, GST is not a subject of the Union Budget. But I would also say that there is a strong case for reducing GST from 28 per cent to 18 per cent, especially on two-wheelers up to 125 cc. The reason for this is that these are vehicles of common people.
Currently 28 percent GST has to be paid
Currently there is a uniform GST rate of 28 percent for all types of two-wheelers. He said that two-wheelers are not a luxury item but a means of transportation for the common people in India. Gupta said entry-level two-wheelers help in generating a lot of direct and indirect employment. In such a situation, GST on two-wheelers up to at least 125 cc should be reduced to 18 percent. Along with this, Gupta said that the government should continue on the path of long-term growth, stability and investment so that capital investment continues to increase. He also talked about expanding the schemes started for employment generation.
Need for a new policy for pre-owned two-wheelers
Narayan Karthikeyan, Founder, DriveX, said the Budget 2025 seeks to bring a new policy for the pre-owned two-wheeler industry. At the same time, Samarth Singh Kochhar, Founder and CEO of Trontech, said that we are expecting a strong incentive for the electric vehicle (EV) and energy storage sectors from this budget. We believe the upcoming Budget should continue to encourage the development and adoption of advanced battery technologies, ensuring we remain self-reliant and reduce dependence on imports. Furthermore, support for sustainable energy storage solutions will empower not only EVs, but also other sectors such as renewable energy and backup power systems.
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