Vehicle registrations in January 2021 declined 9.66 per cent on a year-on-year (YoY) basis.On Tuesday, data released by the Federation of Automobile Dealers Associations (FADA) showed that over 15.92 lakh vehicles were registered January 2021, .
Budget 2021: Auto sector s expectations from new budget
Budget 2021: FADA has asked the government to allow taxpayers to gain benefits from claiming depreciation on vehicles, which is likely to encourage individuals in filing IT returns and promote growth in GST collection
Vivek Dubey | February 1, 2021 | Updated 05:48 IST
Budget 2021
Amid the prolonged economic slowdown, COVID-19 pandemic and plenty of job losses, Union Budget 2021 is expected to introduce multiple demand boosters to revive the country s economic growth.
Budget 2020 offered limited benefits to the automotive sector and encouraged localisation. However, soon after the announcement, India along with the world was hit by the coronavirus (COVID-19) pandemic.
Union Budget 2021: Voluntary Scrapping Policy Announced, Fitness Test After 20 Yrs for PVs
Finance Minister of India Nirmala Sitharaman has announced the Voluntary scrapping policy while giving her Budget 2021 speech. The scrapping scheme will be based on the mandatory fitness test of vehicles which will undergo fitness test in automated fitness centres. The timeline fixed for fitness test is 20 years for personal vehicles and 15 years for the commercial vehicles.
In the Voluntary vehicle scrapping policy, old and unfit vehicles will be phased out. In July last year, the Centre had proposed amendments to the motor vehicle rules to allow scrapping of vehicles older than 15 years. Further, in a draft notification, the government proposed renewal of fitness certificates for vehicles older than 15 years every six months instead of the current one year.