GST council's big decision, reduce the GST rate on electric vehicles to 5%

in #partiko • 6 years ago

36th meeting of GST Council has started in Delhi. Union Finance Minister Nirmala Sitharaman has joined the Finance Ministry through video conferencing. Minister of State for Finance Anurag Thakur is also present in the meeting. It is being told that in this meeting, decision on reduction in tax rate on electric vehicles (e-vehicles) can be taken.

GST Council has decided to reduce the GST rate from 12% to 5% on electric vehicles. In addition, it has been decided to lower the GST rate on EV charger from 18% to 5%. This new rate will be applicable from August 2019. Along with this, GST Council has also approved the exemption from GST on hiking the electric bus to local authority.

Let us tell you that Saturday's 36th meeting of GST Council was held in Delhi. In this, Union Finance Minister Nirmala Sitharaman joined the finance ministry through video conferencing.Minister of State for Finance Anurag Thakur also attended the meeting.

In the last month's meeting, the council had said that the FITTOM committee will look into the concessions of GST on electric vehicles. After this, it will be recommended in the next meeting. The council also said that if the rate of GST on electric vehicles is reduced, it will help to promote e-vehicles.

Let me tell you that recently, Union Finance Minister Nirmala Sitharaman had said in his budget speech that if an electric vehicle buys, then he will be given the benefit of income tax deduction up to Rs 1.5 lakh on loan interest payment. The government is also working on free parking on electric vehicles and proposal to not take toll tax.

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6 years ago in #partiko by
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