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, the government has recommended changes to the Goods Services Tax (GST) council for electric vehicles (EVs). The government has suggested reducing the GST rate on EVs from the current 12 per cent to five per cent, in a bid to make the vehicles affordable. In addition, consumers will be provided with an additional income tax deduction of ₹ 1.5 lakh on the interest paid on the loans taken to purchase electric vehicles.
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