Union Budget 2019 reaction: Reduced GST will help ship more greener technologies and vehicles to the country, Amit Raj Singh, Gemopai Electric
Finance Minister Nirmala Sitharaman presented the Union Budget 2019 today. The Budget 2019 covered the topics of efficient public transportation, alternate methods of commute for commercial vehicles, national transport card for universal payment of tolls, tickets for road and rail and retail shopping. It also covered the national highway development plan that will further improve connectivity in the country. Here's a detailed reaction of Amit Raj Singh, Co-Founder, Gemopai Electric
There is heightened interest in the EV industry, not just in India but globally too, as we all set out for a better future. Electric Vehicles is the disruption the auto industry badly needs. And the Union Budget 2019 surely has announced catalysts for the growth of the Electric Vehicles industry. The Government's statement of purpose for making India become global hub of manufacturing EVs is welcome and much needed. As a key player, we await a more detailed plan on the same to become a partner of growth for the Government. The much needed reduction in the customs duty for components in EVs to 5% will help ship in more greener technologies and vehicles to the country. We also laud the reduction in GST on Electric Vehicles from 12% to 5%. The lowering or GST will make the transportation of future more affordable for consumers. Currently two wheelers form only 16.4% of 7.6 lakh EVs sold in FY19. The reduction in GST along with an additional IT deduction of Rs 1.5 lakh on interest paid on loans for EVs, will help break the entry and perception barriers for the price sensitive Indian customers"