In Union Budget 2019, finance minister, Nirmala Sitharaman announced the major solution to our environment is to making our country more economy efficient as well as environmental efficient too,
“Aiming to becoming a global hub for electric vehicle manufacturing, the government has already moved GST council to lower the GST rate on electric vehicles(EV) from 12% to 5%.”
The Government side by side announced to increase in the ₹ 1 as special additional duty and road and infrastructure cess on diesel and petrol.
Our Government is making of the electric vehicles more affordable for consumers while providing additional income tax deduction of ₹ 1.5 lakh on the interest paid on the loans taken to purchase electric vehicles.
Welcoming the announcement on electric vehicles, Sohinder Gill, Director General, Society of Manufacturers of Electric Vehicles (SMEV) on the budget tabled by the Central Government said, “The announcements on Electric Vehicles (EVs) in the union budget 2019 bring cheers to both consumers as well as e-vehicle manufacturers. The provision of additional income tax deduction of an amount up to ₹ 1.5 Lakh on purchase of EVs would encourage customers to opt for EVs.”
The start-ups of Electric vehicle will bringing down customs duty on lithium-ion cells to nil and also would further cut down the cost of batteries and help local battery manufacturers to scale-up the business.
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