GST slashed
GST slashed – to 5% from 12% much-needed step for EVs -The GST Council has cut down the GST rate on electric vehicles (EVs) to 5 per cent from 12 per cent.
A move to slash the GST has been welcomed by the Society of Manufacturers of Electric Vehicles (SMEV). This move which could significantly revise consumer behavior in favour of EVs, the government is likely to hike the registration charges on petrol/diesel vehicles.
Four key takeaways from the GST Council meeting are: –
1. The GST Council slashed the tax on EVs to 5 per cent from 12 per cent.
2. The Council also slashed the GST on EV Chargers from 18% to 5%.
3. The new rates will be effective from 1st August 2019.
4. GST Council also approved exemption from GST on hiring of Electric Buses by local authorities.
The move is seen as a major boost for manufacturers and much needed step to encourage the adoption of EVs by people. The EV manufacturers had been asking for a cut in the GST rate on electric vehicles as higher cost of acquisition and inadequate infrastructure deterred people from looking at EVs.
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