GST rate on EVs slashed from 12% to 5%

According to a media report, the GST Council has reduced the tax rate on electric vehicles (EVs) from 12% to 5%. GST rate on EV chargers has been slashed from 18% to 5%.

It has also been reported that GST will not be charged on hiring of electric buses by local authorities. This is applicable only on electric buses that can carry more than 12 people.

Earlier this month, the government of India had proposed a reduction in GST on electric vehicles in its annual budget. It was also announced that customs duty on certain components would be exempted in order to promote local manufacturing of EVs.

Source: Live Mint

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