Budget 2020 is around the corner and so is the common man’s expectation. In the midst of slowdown, the common man expects a great deal from the upcoming Union Budget which is likely to be presented 1st Feb’20. I, as a student of PGDM, put forward the view that major changes should be brought about in the Taxation arena and the Automobile industry.
Tax benefits: As for Tax benefits there are a lot of changes that can be introduced by the Union Budget.
So far as the automobile industry is concerned the following modifications can be made. The current financial year has witnessed a slowdown in the automobile industry. So according to me the automobile industry must benefit from the Union Budget 2020 which is currently the worst hit sector. Sales of the automobile industry has greatly declined. Commercial vehicle sales are considered to be the mirror of economic growth or slowdown. This was clearly reflected last year. The industry has to make a smooth transition to BSVI before 31st march deadline. So, policies must be brought for the existing BSIV vehicles. Incentive based scrappage policy can profit the automobile industry. Scrappage policy is a government budget programme to promote the replacement of old vehicles with modern vehicles. The Union Budget must incorporate provisions regarding the scrappage of BSIV vehicles. This policy can stimulate the automobile industry and also aid in removing inefficient vehicles which create too much of pollution from the road.
PGDM Batch 2019-21