#NewDelhi: Before presenting the Union Budget 2022, the Federation of Automobile Dealers Association (FADA) has approached Union Finance Minister Nirmala Sitharaman on Indian automobile dealerships and automobile dealerships for the Indian automobile industry and the automobile dealership as a whole. The agency has asked the government to shed light on two issues before presenting the budget, which will play an important role in strengthening the country’s overall economy along with the progress of the automobile industry.
A. First claim: Depreciation
Claim No. A1: Introduction of Income Taxpayers to avail the facility of claiming reduction on vehicles
The FDA has appealed to the Union Ministry of Finance to allow taxpayers to claim discounts on vehicles. This will increase the number of income tax payers as well as increase the demand for automobiles. Corporate and personal discounts should be provided and the working class should also be brought under this rule.
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Claim No. A2: Depreciation of vehicles
The FDA has demanded that the depreciation scheme be withdrawn. The project was effective on March 31, 2020 and was canceled in the fall. It has been demanded to bring back the same scheme and extend its term till the end of 2022-23 financial year.
Claim No. A3: GST regulation to increase the price of two-wheeler vehicles
To get the automobile industry back on track, the FADA has petitioned the finance ministry to keep the GST rate on two-wheelers at 18 percent. According to them, two-wheelers are in the luxury category but the lower class and middle class use it for daily work. In this case 28% GST + 2% cess charge is not fair.
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Claim No. A4: Reduction on GST on used vehicles
Currently 12% and 18% GST is levied on sale and purchase of used cars. The FADA has asked the Union Ministry to reduce this rate to 5%.
B. Second claim: dealer issue
The FADA, in its second claim, filed a corporate tax deduction for LLP, ownership and partnership firms. The government has reduced the corporate tax on private limited companies with a turnover of up to Rs 400 crore to 25 per cent. The FADA demands that LLPs, proprietorships and affiliates be given the same benefits of corporate tax exemptions.
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