Gst Council has reduced GST rates on electric vehicles. This means electric vehicles will now charge only 5% GST instead of 12%. The new rates will come into effect from August 1. The decision was taken at the 36th meeting of the GST Council chaired by Finance Minister Nirmala Sitharaman. Earlier, the Finance Minister had made a provision to reduce electric vehicles GST during the budget. It also talked about an additional rebate of Rs 1.5 lakh in income tax on interest on loans taken for buying electric vehicles. Know what the electric vehicle industry has to say on this decision.
CEO Lohia Auto Industries Ayush Lohia said in a statement that it is a welcome step that the government has reduced GST not only on electric vehicles but also on chargers and charging stations from 12 percent to 5 percent. The move will speed up the process of adopting electric vehicles. It was a long demand. The move will encourage manufacturers to invest. The move will give a much greater boost to the e-vehicle sector.
As per the information received, the Government of India has clearly stated its intention to reduce GST on electric vehicles. We welcome a 7% cut in GST on electric vehicles. This will reduce the distance between the electric vehicle and the IC engine. The GST cut will boost the National Electric Vehicle Policy. The electric vehicle industry is now expecting to reduce 18% GST on batteries, reducing lifetime on electric vehicle prices.
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