Page 34 - Electric Vehicles

GST on old used cars only when sale price higher than depreciated value

A registered person will have to pay GST on sale of old and used vehicle only if the seller has earned a margin, which is the selling price is higher than the depreciation adjusted cost price of the vehicle, sources said. The GST Council in its meeting last week decided to prescribe a single rate of 18 per cent on sale of all old and used vehicles including EVs, earlier leviable at different rates. If an individual sells old and used car to another individual, GST would not be applicable. Sources said where the registered person has claimed depreciation under Section 32 of the Income Tax Act 1961, GST is payable only on the value representing the margin of the supplier, that is the difference between consideration received for the supply of such goods and the depreciated value of such goods on the date of supply. "Where such margin is negative, no GST is payable," a source said. For example, if a registered person is selling an old and used vehicle to any person at Rs 10 lakh, whe

Chinese workers found in 'slave-like conditions' at BYD's Brazil facility

BYD has cut ties with its contractor Jinjiang Construction Brazil Ltd, and pledged to protect the rights of all subcontracted workers

Here's all you need to know about auto industry's journey for 2025

Traversing from being just vehicle manufacturers to mobility solutions providers amid a raging debate over which eco-friendly technology must be incentivised, the Indian automobile industry is driving in the new year under the shadow of a slowdown in sales with the post-pandemic pent-up demand in distant memory. The shift in the auto industry -- where advanced technologies like autonomous driving, vehicle intelligence, connected features and electrification are quickly gaining traction -- will be reflected in the upcoming Bharat Mobility Global Expo in which India's flagship Auto Expo has been clubbed to be held from January 17-22, 2025 in Delhi-NCR. With India making its presence felt in the global automotive landscape, automakers are expected to showcase their new models with varied powertrain technologies across multiple price points, catering to different sets of customers at the expo as the adoption of environment-friendly cars is slated to gather pace in 2025. While electric .

MG teases Cyberster EV specs ahead of 2025 debut at Bharat Mobility Expo

The new MG Cyberster will be equipped with a 77 kWh battery pack powering two electric motors on each axle, making it an all-wheel-drive model

EV maker Greaves Electric Mobility files IPO papers to raise Rs 1,000 cr

Greaves Electric plans to invest the IPO proceeds into product research and development and build battery assembly capabilities, with a smaller portion earmarked to boost manufacturing capacity

Lohia Auto targets 300k sales by 2027 with new E3W brand 'Youdha'

Earlier, Lohia Auto had announced an investment of Rs 20 crore to support its expansion plans, which include both passenger and cargo electric vehicle models

Do you need to pay 18% GST on 'loss margin' of EV resale? Explained

GST on resale of used vehicles by businesses has been raised to 18% from 12%, bringing the used EV market at par with other petrol and diesel vehicles

With new launches, expansions, every fifth scooter may be electric in FY26

E-scooters are projected to end FY25 with a penetration rate of 13-15 per cent

Shriram Finance consolidate green finance biz under Shriram Green Finance

Building on its existing expertise in financing electric vehicles, Shriram Green Finance will provide sharper focus and clarity to its sustainability efforts

Shriram Finance targets Rs 5,000 cr AUM for green lending in 3-4 years

Shriram Finance's total AUM was 2.43 trillion rupees as of September end and its green financing portfolio is currently around Rs 6 billion- Rs 7 billion, the company said at a press conference

EV growth faces charging woes even as carmakers push ahead with launches

India's charging infrastructure lags behind EV demand despite policy incentives

Raising taxes on EVs will make electrification path difficult: Kia India MD

Increase in tax on electric vehicles will make it difficult for the electrification journey of the Indian automotive industry, Kia India Managing Director and CEO Gwanggu Lee said on Thursday. The company, which unveiled its new company SUV Syros, is looking at around 17 per cent sales growth next year at 3 lakh units as compared to 2.55 units expected this year. A big burden for EVs is still the high price, Lee told PTI here in an interaction. "So without any tax incentive from the government it is very difficult," he said when asked about the impact on possible increase in tax on EVs. New EVs at present attract 5 per cent GST. There has been speculation that the GST rate on used EVs, currently taxed at 12 per cent, may be reclassified into the higher 18 per cent tax slab. Kia India currently sells two EV models -- EV6 with price starting at Rs 60.96 lakh and EV9 tagged at Rs 1.3 crore. Lee cited the example of Canada where sales of EVs crashed when the incentives on EVs were .

Indian EV market to touch Rs 20 trn by 2030, to create 50 mn jobs: Gadkari

Union minister Nitin Gadkari on Thursday said the Indian electric vehicle market potential is likely to touch Rs 20 lakh crore and will create around 5 crore jobs across the entire EV ecosystem by 2030. Addressing the '8th Catalyst Conference on Sustainability of E-Vehicle Industry - Evexpo 2024', Gadkari said estimated electric vehicles finance market size will be around Rs 4 lakh crore by 2030. "The Indian electric vehicles market potential is of Rs 20 lakh crore by 2030, creating five crore jobs across the entire EV ecosystem," he said. The road transport and highways minister said 40 per cent of air pollution in India is because of the transport sector. "We import fossil fuels worth Rs 22 lakh crore, that is a big economic challenge. And this import of fossil fuels is creating a lot of problems in our country," Gadkari said. According to Gadkari, the government is concentrating on green energy as 44 per cent of India's power basket is solar power. "We are giving highest prior

Behind Honda and Nissan tie-up, existential threat posed by Chinese EVs

Like other foreign carmakers, both Honda and Nissan have lost ground in China

European car sales decline in November, led by France and Italy: ACEA

The slowdown in electric vehicle (EV) sales was only partly offset by the growth of hybrid-electric car registrations

Auto OEMs likely to invest $323 billion by 2070 on EVs: CSI report

The report further projected that EVs could add $9.6 trillion in OEM revenues by 2070, with cars being the major contributor from 2030 onwards

EV launches in India to double in 2025, SUVs dominate new lineups

Industry leaders such as Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Hyundai, and MG Motors are gearing up to introduce a range of EVs in India

LG Energy Solution, JSW discuss $1.5 bn EV battery manufacturing venture

The two companies have signed an initial agreement to form an equal partnership in which LGES will contribute the technology and equipment for making batteries and JSW will invest money

VW, unions resume last-ditch round of talks for the year on cost cuts

Talks ended after around 13 hours of negotiation in the early hours on Tuesday without a deal but would resume mid-morning, a spokesperson for IG Metall union said

Delhi EV policy woes: Registrations drop in capital while other states grow

Sector experts say that a lack of clarity and unannounced halts in the policy have deterred customers from buying EVs in Delhi