Budget 2019: Electric Vehicles To Get More Affordable

The NDA 2.0 government made some major announcements for pushing electric mobility in India as part of the Union Budget 2019. While the Indian auto sector did not witness any dramatic changes in tax norms, Finance Minister Nirmala Sitharaman recommended reducing the GST rate on electric vehicles from the current 12 per cent to five per cent in a bid to push the sale o...

Budget 2019: Finance Minister Nirmala Sitharaman detailed a number of proposals in the budget to boost e-mobility, Indian space programme, startups and Make in India initiative as the government looks to turn the country into a $5 trillion (3,42,65,500 crores) economy by 2024-2025.

Finance Minister Nirmala Sitharaman on Friday said that the Goods and Services Tax (GST) processes were being further simplified while adding that businesses with less than Rs 5 crore annual turnover will need to file quarterly GST return.

The electric vehicle segment in the Indian auto sector has welcomed the announcements to give tax incentives on loans for EVs, as well as GST reduction on electric vehicles.

The government has offered exemption of income tax worth Rs. 1.5 lakh on loans taken for buying electric vehicles.

The Union Budget for 2019 has been announced and Finance Minister Nirmala Sitharaman made a number of promises for the overall development of the country's economy. While there haven't been major incentives for conventional vehicles in the auto sector, the government has recommended changes to the Goods Services Tax (GST) council for electric vehicles (EVs) reducing t...

Reduced GST rates will also help with better return-on-investment, making our market more lucrative for luxury carmakers.

EV makers have asked to bring EVs under the 5 per cent GST bracket and to reduce import duties on EVs and components used to assemble electric vehicles.

Industry Body and automakers have high hopes from the upcoming budget session which can help the industry to recover from the current slowdown.

SIAM has demanded reduction in GST rates and 200 per cent weighted reduction in R&D expenses which can help the industry to recover from a slowdown.

IRCTC Tourism's package includes air tickets, breakfast and dinner, GST, accommodation in three-star hotels and one night stay in a house boat

While the GST collections in June were lower than Rs 1,00,289 crore in May, they were higher than Rs 95,610 crore receipts in the same month of 2018

GST, which subsumed 17 local taxes, was rolled out on July 1, 2017. The GST currently has four slabs -- 5, 12, 18 and 28 per cent

According to the industry body, further rationalisation of taxes and simplification of registration process among others will usher in GST 2.0.