Electric Vehicles Highlights: Budget 2019

Budget 2019 Electric Vehicles Highlights

Electric Vehicles Highlights:

The Finance Minister Nirmala Sitharaman had made her maiden budget of the Modi 2.0 Government in the Lok Sabha on July 5, 2019, in the Parliament

Lower GST Rate from 12% to 5% on Electric vehicle as well as Additional Income Tax Deduction of 2.5 Lakh on Interest paid on loan taken to purchase an electric vehicle

Towards making electric vehicles affordable, additional IT deduction on 1.5 lakh on interest paid on loan taken to purchase electric vehicles

FAME II scheme intends to encourage faster adoption of electric vehicles by the right incentives and charging infrastructure

Customs duty on few parts of electric vehicles being exempted to promote e-mobility.

Nirmala Sitharaman had announced the reduction of GST on electric vehicles from 12% to 5%. She stated that the government has already moved GST council towards lowering the GST rate on electric vehicles (EV) from 12% to 5%. Moreover, to make EVs affordable for consumers, the government would provide additional income tax deduction of Rs 1.5 lakh on the interest paid on the loans taken to purchase EVs.

Besides, the government shall give an additional tax benefit of Rs 1.5 lakh on the interest paid on loans taken for the purchase of EVs.

Finance Minister Nirmala Sitharaman, in her first budget speech, stated the government has already approved Rs 10,000 crore for FAME II scheme on April 1, 2019, for encouraging faster adoption of electric vehicles by means of providing right incentives and charging infrastructure. The FM has also stated there would be a comprehensive restructuring of National Highways Programme to ensure the creation of National Highways Grid of desirable capacity.

The first phase of the FAME India scheme, which began on 1^st April 2015, concluded on 31^st March 2019. The second phase of the FAME India scheme, which commenced on 1^st April 2019, has total budgetary support of Rs 10,000 crore over a period of 3 years.

The Phase-II of the FAME India scheme would mostly focus on supporting the electrification of public and shared transportation. It intends to support 7,000 electric buses, 5 lakh electric three-wheelers, 55,000 electric four-wheeler passenger cars and 10 lakh electric two-wheelers by subsidies.

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Budget 2019 Electric Vehicles Highlights

Budget 2019 Electric Vehicles Highlights

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