Friday, March 29

Tag: Electric Vehicle GST

Indian Government New Policy for Electric Vehicle Push in India
Automobile

Indian Government New Policy for Electric Vehicle Push in India

India includes some of the world's most polluted cities, the government is focused on ensuring reduced greenhouse gas emissions from the automotive sector. Thus, the Indian government has planned to invest $1.4 billion toward incentivizing electric vehicle manufacturing in the country through its Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme. To further, promote the adoption of EVs in the Indian market, the government during the 36th GST council meeting recommended a reduction in GST from 12% to 5% for electric vehicles and the GST for EV charger/charging stations has been reduced from 18% to 5%. Additionally, the government is planning to introduce several tax benefits of up to INR 1.5 Lakhs ($2,189) on interest paid on loans, with a total exemption ben...