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    HomeNewsBusinessBudgetBudget 2019: Tax rebate to purchase electric cars

    Budget 2019: Tax rebate to purchase electric cars

    The government has proposed additional income tax deduction of Rs 1.5 lakh on interest on loan taken for electric vehicle purchase.

    July 05, 2019 / 13:17 IST

    Finance minister Nirmala Sitharaman  announced tax sops for loans taken to buy electric vehicles in the union budget. This is to make electric vehicles affordable to consumers. The government has proposed additional income tax benefit of Rs 1.5 lakh on interest on loan taken for electric vehicle purchase. This is a big boost for electronic vehicles. The government has already moved the Goods and Services Tax (GST) council to lower the GST rate on electric vehicles from 12 per cent to 5 per cent. Naveen Munjal, Managing Director at HERO Electric Vehicles, says, “Glad to see GST reduction and tax reductions on electronic vehicles.”

    first published: Jul 5, 2019 01:17 pm

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