The Goods and Services Tax (GST) committee has approved the reduction in GST rate from 18% to 12% on electric vehicle chargers on Friday.
People who are planning to buy electric vehicles will expected to get an additional income tax deduction of Rs 1.5 lakh on the interest paid on loans taken to buy EVs.
Union Finance Minister Nirmala Sitharaman in a Budget Speech 2019 said, “This amounts to a benefit of around 2.5 lakh over the loan period to the taxpayers who take loans to purchase electric vehicle.” The government is now keen to push tax changes on the indirect taxes side to complement the measures taken in the budget.
Earlier, NITI Aayog CEO Amitabh Kant had suggested that only electric-powered three-wheelers and with engine capacity of up to 150cc should be sold from 2025. Union Minister for Road Transport & Highways has now said that the roadmap will be decided after consulting the industry.
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