Electric Two Wheelers
Sameer Contractor
Jul 5, 2019, 6:33 PM
The Union Budget for 2019 has been announced and Finance Minister Nirmala Sitharaman made a number of promises for the overall development of the country's economy. While there haven't been major incentives for conventional vehicles in the auto sector, the government has recommended changes to the Goods Services Tax (GST) council for electric vehicles (EVs) reducing the GST rate from the current 12 per cent to five per cent, in a bid to make the vehicles affordable. In addition, consumers will be provided with an additional income tax deduction of Rs. 1.5 lakh on the interest paid on the loans taken to purchase electric vehicles.
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