Union Budget 2017 Reaction - Truebil - Shubh Bansal - Co-founder and Chief of Marketing
"The Union Budget 2017 has made some careful budgeting considering sectors across. Especially Budget 2017 has come up with various policies & schemes to boost the auto manufacturing sector, which in turn will increase the new car sales. To boost spending at the micro level in India and drive sentiments, one good initiative is reducing the tax rate to 5 percent for income less than Rs 5 lakh which will increase small car sales. The industry had strong sales result in Jan 2017 irrespective of demonetization impact. Digitization will push transparency in used car market which will bolster more demand. Infrastructure allocation at record level will help auto sector. In terms of taxation, cars to cost more as 1% will be charged on small petrol, LPG & CNG cars, while 2.5% will be charged for diesel cars. This is a time for the used car industry to grow. For startups, the Bharat net project will bring digitization to rural areas and in turn provide a massive boost for the tech startup industry. By reducing income tax on smaller companies will increase sustainability for SMEs. The tax break, profit-linked deduction to startups changed from 3 years to 7 years from 3 years to 5 years will give more operational flexibility".
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