Boost for electric vehicles! GST rate on EVs cut to 5% from 12%
New Delhi: The 36th meeting of the GST Council, which was held through video conferencing, has decided to reduce GST rate on electrical vehicles (EV) from existing 12 per cent to 5 per cent. The Council has also slashed goods and services tax (GST) on EV chargers to 5 per cent from 18 per cent. The new rates will be effective from August 1, 2019.
The GST Council has also approved an exemption from GST on the hiring of electric buses (of carrying capacity of more than 12 passengers) by local authorities. It was chaired by Finance Minister Nirmala Sitharaman.
The meeting was also attended by Union Minister of State for Finance and Corporate Affairs Shri Anurag Thakur besides Revenue Secretary Shri Ajay Bhushan Pandey and other senior officials of the Ministry of Finance.
This was the much-needed step to encourage people to opt for the purchases and hiring of electric vehicles. The manufacturers of EVs had been demanding a GST rate cut on electric vehicles.
It may be noted that the Union Budget 2019 had outlined several proposals to provide a boost to the manufacturing of electric vehicles and developing India as the global hub for electric vehicles. According to Budget 2019, only advanced-battery-operated and registered e-vehicles to be incentivised under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) Scheme.
FM Sitharaman had proposed to provide an additional income tax deduction of Rs 1.5 lakh on interest paid on electric vehicle loans and has exempted customs duty on certain parts of electric vehicles. This translates to an effective benefit of around Rs 2.5 lakh over the loan period to the taxpayers who take loans to purchase electric vehicles. The prime motive behind incentivising the electric vehicles is to provide affordable and environment-friendly public transportation options for the common man.
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