The government has proposed additional income tax deduction of Rs 1.5 lakh on interest on loan taken for electric vehicle purchase.
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.”The Great Diwali Discount!
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First Published on Jul 5, 2019 01:17 pm