The Centre may dole out incentives to promote electric vehicles in the country by considering lower GST and extending tax benefit for buyers in this week\u2019s Budget for 2018-19, say sources.<\/p>\n
The announcement is expected in view of the government\u2019s aim to have 100% electric vehicles for public mobility and 40% for personal mobility by 2030.<\/p>\n
\u201cFinance Minister Arun Jaitley may announce tax benefits for the electric mobility in the Budget on February 1, 2018 as there has been a lot of brainstorming so far,\u201d industry sources said.<\/p>\n
The government may lower the Goods and Services Tax on electric vehicles from existing 12% to 5%, they said, adding that there could also be income tax benefits to enthuse buyers to make electric vehicles a viable and alluring option.<\/p>\n
While income tax benefits can be provided to buyers through this Budget, the GST Council nod would be required for lowering the GST rate.<\/p>\n
These announcements are likely as these would be revenue neutral exercise because the sale of electric vehicles is not even one per cent of the total sales of vehicles — including commercial vehicles and two wheelers — in India, sources added.<\/p>\n
Sales of two wheelers alone was 17.58 million in 2016-17 while passenger vehicles sale was recorded at 3.04 million in the last fiscal.<\/p>\n
Earlier this week, Power and New and Renewable Energy Minister R K Singh had made a case for tax incentives for electric mobility and said, \u201cI think we also need to give some incentives to electric cars and vehicles.\u201d<\/p>\n
The minister had also indicated that the government may procure smaller cars for under its e-mobility programme for its departments and ministries.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Centre may dole out incentives to promote electric vehicles in the country by considering lower GST and extending tax benefit for buyers in this week\u2019s Budget for 2018-19, say sources. The announcement is expected in view of the government\u2019s aim to have 100% electric vehicles for public mobility and 40% for personal mobility by […]<\/p>\n","protected":false},"author":1,"featured_media":20200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-20199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/20199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=20199"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/20199\/revisions"}],"predecessor-version":[{"id":20201,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/20199\/revisions\/20201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/20200"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=20199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=20199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=20199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}