India’s fledgling electric vehicles (EV) industry has welcomed tax breaks and incentives in Finance Minister Nirmala Sitharaman’s Budget presented on Friday.
Sitharaman told Parliament GST on EV will be reduced from 12% to 5% and the government will provide additional income tax deduction of Rs 1.5 lakh on the interest paid on the loans taken to purchase electric vehicles.
Entrepreneurs and industry experts described as inspiring the government’s commitment of Rs 10,000 crore on FAME 2 (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles).
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.