Budget 2019: Government to provide additional incentives for electric vehicles
Followed with the Budget 2019, the government has announced new tax benefits to make purchasing of Electric Vehicles and e-vehicles easier for buyers. According to Finance Minister Nirmala Sitharaman's speech, the government has asked the GST council to lower the GST rate on electric vehicles from existing 12 per cent to 5 per cent.
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Talking about the tax benefits, the government is said to provide an additional income tax deduction for almost Rs 1.5 lakh on interest for loans taken on electric vehicles.
The government will also be allocating the Rs 10,000 crore for quick electric vehicle adoption that is even said to attract investments for manufacturing E-vehicles in India that aid to the use of clean energy.
As per the Budget 2019 speech in context to electric vehicles, only advanced battery and registered e-vehicles will get incentives under the Scheme that emphasis on offering a more environment-friendly and affordable public transportation option for users in India.
This initiative will help in aiding the users and will help in curbing down the cost of petroleum imports in the near future, for which the government pays millions of dollars.
This incentive by the government will give a push to the adoption of electric mobility in India.
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