Electric cars in India: income tax and GST exemption?
Automobiles/Technology : There are many countries in the world, where electric cars are not new, but India still has not seen much craze regarding electric cars. However, since Tesla's entry into India, now the discussion about electric cars has started happening more in India as well. In such a situation, it is also important to consider how electric cars can benefit the customers of India in tax and other matters.
Several steps are also being taken by the government to promote electric cars in the country. Incentives are also being given by the government to promote electric cars in the country. An additional income tax deduction of Rs 1.5 lakh will be given on the interest being given on the loan taken for the purchase of electric vehicles in the country. Apart from this, GST has also been cut on electric cars.
GST cut
GST on electric cars has been reduced from 12% to 5%. The rate of GST at charging stations for electric vehicles has been reduced from 18% to 5%. The Ministry of Power has allowed the sale of electricity as a 'service' for charging electric vehicles. At the same time, it will provide a big incentive to attract investment in charging infrastructure.
Pollution reduction
According to a recent WHO study, 14 of the world's 20 most polluted cities are from India. Electric vehicles will help reduce pollution in cities. The electric vehicle runs on green power, so it produces 15 times less CO2 each time. In such a situation, electric vehicles can also contribute a lot to reduce pollution.
Employment
A report estimates that by 2050, around 2 million additional jobs will come in the electric cars sector. Switching to electric vehicle will save money for India.
More news:
Tesla, a US electric car manufacturer company led by Elon Musk, has made a fresh start with its registered office in India. Tesla Motors India and Energy Private Limited have made a new beginning by registering the company in Bengaluru. Tesla chose the country's IT hub Bengaluru as its operations and got registered with three directors.
Tesla registration in India
Regulatory filings have revealed that three directors of the Indian unit of the company have been formed. Including David Feinstein, who is currently a senior executive at Tesla according to his LinkedIn profile. Apart from this, V Sriram and Vaibhav Taneja have also been made directors of the company.
Piyush Verma
I am a Blogger and Web Designer.
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