Finance Minister Nirmala Sitharaman's Budget charges up India EV industry

Union Budget 2019 says GST on EV will be reduced from 12% to 5% and the government will give customers tax break.

Peerzada Abrar Bengaluru
Tata motors, tigor, car

Tigor, Tata Motors' electric vehicle.

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). 

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First Published: Jul 05 2019 | 6:19 PM IST

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