GST council just gave India's EV plans the big push it needed

In a landmark move by the government, the GST Council has brought down the GST on electric vehicles (EVs) to 5 per cent from 12 per cent.The Council also slashed the GST on EV Chargers from 18% to 5%. The new rates will be effective from 1st August 2019. GST Council also approved exemption from GST on hiring of Electric Buses by local authorities.The move is seen as a much needed step to encourage the adoption of EVs by people. The EV manufacturers had been asking for a cut in the GST rate on electric vehicles. The issue of charges on EVs and chargers was before the fitment committee which had suggested lowering of GST rates.The finance minister had announced sops in income tax for those who take loans for electric vehicles.

from Economic Times https://ift.tt/2Om6Geo