Published: Sat, July 06, 2019
Markets | By Otis Pena

Union Budget 2019: GST on Electric Vehicles drops significantly

Union Budget 2019: GST on Electric Vehicles drops significantly

Gems and jewellery exports declined 5.32 percent to $30.96 billion in 2018-19.

"The budget is not very different from the interim budget even as market participants await fiscal deficit proposals". It has chosen to do neither, presenting instead a budget that is fitting for the first budget of the second term of a returning government, and equally, one that pretty much encapsulates the formula that has worked for the BJP and Narendra Modi - part reformist, part nation-building, and part socialist.

India raised import tariffs on almost 75 items including gold and automobile parts in its budget on Friday and increased taxes on the rich to help pay for recapitalising banks and supporting small business in a bid to revive sagging growth. The government has also sought to create more head-room for investment by recapitalizing banks to the extent of Rs 70,000 crore, and by announcing some moves to fix the crisis in non-banking finance companies (NBFCs).

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Explaining the rationale, the government document said the private banking sector was "financially more sensitive" but allowed up to 74% foreign investment, and so the limits for the insurance sector should be relaxed to provide parity. And they may be more ambitious than those made public on Friday.

The fourth message is that the government believes the infrastructure and construction sectors hold the key to not just growth, but also job creation. Growth for the last fiscal year, at 6.8%, was also a five-year low. The new rate will include 25% surcharge on income between 20 million and 50 million rupees, and 37% on income exceeding 50 million rupees a years. "I believe that the additional incentive of Rs 1.5 lakh on interest on loans borrowed under the affordable housing would give a boost to the real estate sector further", NAREDCO President Niranjan Hiranandani said. In fact, the government has also announced an increase of excise duty by Rs 1 per litre for petrol as well as diesel vehicles.

"We want to develop India as a manufacturing hub for electric vehicles and want to encourage the purchase of these vehicles".

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