The body expressed satisfaction that the government has taken note of the precarious situation in the auto and auto component industry and has taken appropriate measures to address it accordingly. Thanking Union Finance Minister Nirmala Sitharaman, president ACMA Ram Venkataramani said: “The announcements made by the Finance Minister are indeed very assuring and welcome. That apart, enhanced depreciation of 30 per cent until March 2020 will motivate the institutional sales of vehicles. Currently 60 per cent of auto components are at 18 per cent, while the rest are at 28 per cent. A lower rate of GST will not only ensure better compliance, but also help in curbing gray operations in the aftermarket.”
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