Budget 2019 has taken steps to promote electric cars. In order to popularize electric cars, the government has cut the rates of GST on these. Also, the purchase of an electric car will also be allowed in the income tax.
Less than 12 percent to 5 percent
During the budget speech on Friday, Finance Minister Nirmala Sitharaman announced that the rates of GST on electric vehicles have been reduced from 12 percent to 5 percent. The government has sent this proposal to GST Council for this. It may be decided to reduce these rates in the GST Council meeting this month. This was the first meeting on June 20 last month.
Up to 1.5 lakhs
After the government's decision, the prices of electric cars will fall. In addition, in the budget speech, Finance Minister Nirmala Sitharaman announced that discounts will be given up to 1.5 lakhs in the income tax at the interest rates of the loans purchased for electric cars.
10 thousand crores subsidy
Presenting the budget, Nirmala Sitharaman said that the government is already subsidizing the purchase of electric cars under the Fem-2 scheme, implemented from April 2019. For this, the government has released Rs. 10 thousand crore rupees. In order to create a network of charging infrastructure across the country, with an incentive on the purchase of electric cars.
Will become the National Highway Grid
At the same time, the Finance Minister also announced that the National Highway Grid will be built with the appropriate capacity to reconstitute the National Highway Program. In the economic survey presented on Thursday, Finance Minister Nirmala Sitharaman announced to increase the infrastructure for battery charging of electric vehicles. Earlier, in the Economic Review Report presented on Thursday, there was a need to provide fast charging services to the battery more than the subsidy on electric vehicles.
Charging biggest hurdle
It was mentioned in the report that the biggest hurdle in the popularity of electric vehicles is charging and it takes a lot of time to fully charge the vehicles. Even the current Fast Charger also charges at least one and a half hours for charging an electric car with full fat while charging with a slow charger takes less than 8 hours.
Need of Universal Chargers
According to the report, there is a major problem of universal chargers in the country. There are no Universal Chargers Standards in the country and setting up such infrastructure will increase the investment. One reason for the slow participation of electric vehicles is the lack of resources on Indian roads.
Budget specific things for auto sector in 2019
In 2019, GST has been reduced from 12% to 5% on electric vehicles.
Government will insist on electric vehicles, same Sesa and eco-friendly public transport will be promoted
The purpose of the FAME2 scheme is to ensure that electric vehicles are adopted faster.
Charging infrastructure will be provided for electric vehicles in the country
10,000 crore has been allocated for speedy adoption of electric vehicles.
Additional income tax deduction of Rs 1.5 lakh on interest on loan for electric vehicles
Less than 12 percent to 5 percent
During the budget speech on Friday, Finance Minister Nirmala Sitharaman announced that the rates of GST on electric vehicles have been reduced from 12 percent to 5 percent. The government has sent this proposal to GST Council for this. It may be decided to reduce these rates in the GST Council meeting this month. This was the first meeting on June 20 last month.
Up to 1.5 lakhs
After the government's decision, the prices of electric cars will fall. In addition, in the budget speech, Finance Minister Nirmala Sitharaman announced that discounts will be given up to 1.5 lakhs in the income tax at the interest rates of the loans purchased for electric cars.
10 thousand crores subsidy
Presenting the budget, Nirmala Sitharaman said that the government is already subsidizing the purchase of electric cars under the Fem-2 scheme, implemented from April 2019. For this, the government has released Rs. 10 thousand crore rupees. In order to create a network of charging infrastructure across the country, with an incentive on the purchase of electric cars.
Will become the National Highway Grid
At the same time, the Finance Minister also announced that the National Highway Grid will be built with the appropriate capacity to reconstitute the National Highway Program. In the economic survey presented on Thursday, Finance Minister Nirmala Sitharaman announced to increase the infrastructure for battery charging of electric vehicles. Earlier, in the Economic Review Report presented on Thursday, there was a need to provide fast charging services to the battery more than the subsidy on electric vehicles.
Charging biggest hurdle
It was mentioned in the report that the biggest hurdle in the popularity of electric vehicles is charging and it takes a lot of time to fully charge the vehicles. Even the current Fast Charger also charges at least one and a half hours for charging an electric car with full fat while charging with a slow charger takes less than 8 hours.
Need of Universal Chargers
According to the report, there is a major problem of universal chargers in the country. There are no Universal Chargers Standards in the country and setting up such infrastructure will increase the investment. One reason for the slow participation of electric vehicles is the lack of resources on Indian roads.
Budget specific things for auto sector in 2019
In 2019, GST has been reduced from 12% to 5% on electric vehicles.
Government will insist on electric vehicles, same Sesa and eco-friendly public transport will be promoted
The purpose of the FAME2 scheme is to ensure that electric vehicles are adopted faster.
Charging infrastructure will be provided for electric vehicles in the country
10,000 crore has been allocated for speedy adoption of electric vehicles.
Additional income tax deduction of Rs 1.5 lakh on interest on loan for electric vehicles
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