Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
News18 » Auto
1-min read

Budget 2017: 5 Changes CARS24 Wants in the Used Car Industry

Here are five things that Cars24 wants from the upcoming Union Budget 2017.

News18.com

Updated:January 17, 2017, 3:41 PM IST
facebookTwitterskypewhatsapp
union budget 2017, Budget 2017, Cars24,
Representational image. (Photo: Reuters)
Loading...

The Indian used car industry has been on the rise rapidly, witnessing double-digit growth each month. This is in contrast to the new car industry that has been affected by multiple issues like ban on high capacity diesel engines in NCR, increased taxes along with demonetisation.

“We expect the upcoming budget to provide a much-required stimulus, else there will be further in the demand for new cars. Though, used car industry will not be disturbed, however being an industry player we envisage policies that bring an inclusive growth for the entire automotive industry,” said Mehul Agrawal- Founder, CARS24.

Also read: Maruti Suzuki Ignis Launched, Price Starts at Rs 4.59 Lakh

Here are five things that Cars24 wants from the upcoming Budget 2017:

1) Reduce cess/taxes to drive higher new car demand. “If not, the government, at least, should not increase the burden on the industry,” added Agrawal.

2) Subsidise new vehicles for buyers who junk old ones, or extend it further to other exchange transactions,” the company said in a statement.

Also read: UM Motorcycles Inaugurates Kerela's First Dealership in Kochi

3) Too much disparity in used car taxation and policy across states. Simplification may reduce prices, fuel demand and drive better tax compliance.

4) Simplification of taxes on Used Car across States in the form of GST. Presently, GST law is silent on the used cars segment. CARS24 wishes the rate for used cars should be lower than new cars. Since the government would've already collected tax at the time of the first point of sale (this is how it happens in VAT regime too) with lesser lifetime. Hence we believe the government should consider all these factors and maintain a parity while deciding the GST for used cars segment.

5) Further, we expect GST to unleash intercity used car movement. Due to the supply shortage in smaller towns and congestion problems in bigger cities, this would definitely provide a boost to the economy.

Also read: Ford Mustang GT Review: A True Bred Grand Tourer For Rs 65 Lakh

Watch video: Ford Mustang GT Review | India's Wait Is Over

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Debashis Sarkar
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results