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Cut electric vehicle tax rate, lithium battery will be exempted from tariffs, India will become a gl |
Time:2019-08-03 Source: Views:8746 |
In early July, India proposed tax breaks for electric car buyers and the elimination of import tariffs on some electric car parts to help boost sales and reduce reliance on fossil fuels.
India's push for electric cars has been impressive this year. Recently, foreign media reported that India's goods and services tax (GST) committee has decided to cut the tax rate of goods and services for electric vehicles to 5% from the previous 12%, which will come into effect on August 1.
In addition, consumers receive government subsidies to buy electric cars.
Finance minister sushil sidaraman, presenting the federal budget to parliament, said the government would offer loans of up to 250,000 rupees (about 25,000 yuan) to buyers of electric cars. In his budget, Mr Sitaraman proposed tariffs on the lithium-ion batteries needed to develop electric cars.
"Given our large customer base, we aim to leapfrog the electric vehicle sector and make India a global hub for electric vehicle manufacturing," he said.
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