Auto Desk – Union Finance Minister Nirmala Sitharaman introduce the Union Budget 2023 today. The last budget of the Modi government 2.0 has some announcements for the automobile sector too. Let’s look at it.
Nirmala Sitharaman said to provide impetus to green mobility, customs duty exemption is being extended on capital goods for the manufacture of a lithium-ion cell for batteries used in Evs. This will help in reducing the cost of EVs in the country.
To emphasize green mobility, the government focuses on National Green Hydrogen Mission. Sitharaman said with an outlay of ₹19,700 crores, the National Green Hydrogen Mission will make the country assume technology in this sector.
The Union Budget 2023 reduces the number of basic customs duty rates on goods from 21 percent to 13 percent, other than textiles and agriculture.
In the Union Budget 2023, the tax rebate limit on personal income from ₹5 lakh to ₹7 lakh increases. Thus, citizens with income up to ₹7 lakh in the new tax regime will not have to pay any tax.