Indian government looking to cut tax to encourage uptake of EVs
The Indian government is reportedly looking to cut goods and services tax (GST) on electric vehicles (EVs) by 5-12% to encourage their uptake, reports the Economic Times. "There is a proposal to cut tax rates on EVs among other issues," said a senior government official with knowledge of the matter. The government council will discuss the proposal in a meeting tomorrow (20 June).
Significance: Several measures, including tax cuts and incentives for EVs, are being contemplated by the government in line with its goal to expand the use of EVs in the coming years. Recently, the Niti Aayog policy think-tank proposed a new EV road map that suggested that all vehicles sold in India after 2030 should be electric. A reduction in GST would have the aim of boosting the manufacture of EVs in the country and encouraging key automakers to set up Indian vehicle production plants.
Read more articles like this one. Get a free trial to AutoIntelligence Daily
- Automotive COVID-19 Recovery Series
- Automotive Rapid Response Report - 17 June 2020
- COVID-19's real possible effects on the Auto and Mobility Industry
- With 50% of countries reporting, month of May numbers indicate a solid rebound for global auto demand
- Automotive Rapid Response Report - 3 June 2020
- Automotive Rapid Response Report - 20 May 2020
- COVID-19: Global Auto Demand Tracker
- Automotive Rapid Response Report - 13 May 2020
Fine-tune your automotive audience action plan with Polk Automotive Data. Download full infographic and access web… https://t.co/I8kShQPKCq
The Automotive Manufacturing Disruption Index from IHS Markit has crept back up again to the mid-forties from the l… https://t.co/ExTEPeQDiD