India cuts tax on electric vehicles to 5%
The Indian government has announced on Saturday a major reduction in goods and services tax rate on electric vehicles (EV) from 12 per cent down to just 5 per cent.
Additionally, the rate applicable to electric chargers and charging stations has been cut to 5% from 18%.
To push EV sales, the government on July 5 reportedly announced they will offer income tax exemption worth Rs150,000 (about Dh8,000 or $2,170) for electric car buyers.
The government is also encouraging the mass manufacturing of lithium-ion batteries in India.
India is really serious about promoting electric vehicles as shown by an announcement on Twitter from Amitabh Kant, the CEO of the government’s Niti Aayog commission according to media reports.
Kant tweeted about approval for the buses, which will be made in India by eight State Transport Undertakings:
The inter-ministerial committee for EV Vehicles today sanctioned 5645 electric buses for intracity operations in 65 cities and for intercity operations to 8 state transport undertakings. This will give huge impetus to automobile sector, clean up our cities & drive Make in India.
— Amitabh Kant (@amitabhk87) July 29, 2019
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook
Most News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. OilAndGasPress welcomes all viewpoints. Should you wish to provide a different perspective on the above article, please email us info@OilAndGasPress.com