Budget 2018: Govt may announce tax benefits to promote electric vehicles

The Centre may dole out incentives to promote electric vehicles in the country by considering lower GST and extending tax benefit for buyers in this week’s Budget for 2018-19, say sources. The announcement is expected in view of the government’s aim to have 100% electric vehicles for public mobility and 40% for personal mobility by 2030.

The government may lower the Goods and Services Tax (GST) on electric vehicles from existing 12% to 5%, they said, adding that there could also be income tax benefits to enthuse buyers to make electric vehicles a viable and alluring option.

While income tax benefits can be provided to buyers through this Budget, the GST Council nod would be required for lowering the GST rate.

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