The Government has offered a much-needed relief to the ailing domestic automobile Industry. Some of the key announcements made yesterday are:
- All Bharat Stage-IV vehicles purchased up to March 2020 will remain operational during their period of registration
- Additional 15% depreciation on new purchases till March 2020; over and above the existing 15%
- To setup scrapping infrastructure first, then introduce “scrappage policy” for unfit vehicles
- Implementation of Increased registration fee deferred till June 2020
The Finance minister, though, did not announce any reduction in GST rates, something that the auto industry had been asking for.