Budget 2019: Govt. proposes 5% GST on EVs

The government has proposed a reduction in GST on electric vehicles (EVs) and has reportedly moved the GST council to lower the GST rate on EVs from 12% to 5%.

The government will also provide an additional income tax deduction of Rs. 1.5 lakh on interest paid on loans taken for the purchase of electric vehicles. This is expected to make EVs more affordable. 

To promote local manufacturing of EVs, customs duty has been exempted on certain components of electric vehicles. The government has announced that battery manufacturing and charging infrastructure will be incentivised.

Source: Economic Times

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