With the emerging technology and advancements, electric vehicles are being opted for more frequently now. Not just this, but the government also aims to sell 30% of electric vehicles by 2030, according to the NEV policy. But in recent news, it has been announced that the government is planning to impose taxes on electric vehicles. Continue reading the blog to know more about it.
Taxes on Imported Vehicles
The Senate Standing Committee on Industries and Production has recently informed the government’s plan to implement taxes. Besides this, there will be a minimum or zero tax on the locally manufactured EVs.
This tax on the import of electric vehicles signifies a heavy burden on foreign exchange reserves. But it can also benefit the vehicle industry in the following ways:
- Promoting locally manufactured electric vehicles.
- Aims to boost the purchase of affordable electric vehicles over time.
- Increasing the job opportunities.
- Reducing the overall vehicle import burden
Furthermore, according to the officials, 17 licenses for three-wheelers and 77 licenses for two-wheelers have been issued for manufacturing, with the aim of 30% of vehicles to EVs by 2030.
Final Verdict
In conclusion, know that this tax on EVs is not yet officially announced by the government. Stay tuned for more information.
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