The move comes after Finance Minister Nirmala Sitharaman led GST council reduced taxes on EVs from 12 per cent to 5 per cent from 1 August. The centre has been bringing in changes to popularise environment-friendly electric vehicles (EV).
During the budget 2019-20, the centre proposed additional tax deduction of Rs 1.5 lakh on interest paid on loans to purchase EVs. Further, various parts of EVs are also exempted from customs duty.
The think tank has proposed that two-wheelers below 150cc capacity sold in the country from 31 March 2025, need to run on electric. Further, all three-wheelers sold after 31 March 2023 need to be electric only.
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