Govt. Schemes & Incentives For Electric Vehicles

[Nairrk]

Electric vehicles to get cheaper by up to Rs 2.5 lakh

Come April 1, electric vehicles will get cheaper by Rs 20,000 to Rs 2.5 lakh, following the government’s go-ahead to Niti Aayog’s proposal to give purchase rebate as incentive to buyers.

The Union cabinet had on Thursday approved incentive of Rs 10,000 per KWH for purchase of e-vehicles directly linked to battery size under the FAME II (Faster Adoption and Manufacturing of Electric Vehicle) scheme.

This will spell a saving of Rs 20,000-40,000 for two-wheelers fitted with battery of 2-4 kwh, rs 50,000-100,000 for three-wheelers (5-10 kwh) and Rs 1.5-2.5 lakh for four-wheelers (15-25 kwh battery).

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[Nairrk]

Government tightens localisation norms for electric vehicles

Vehicle makers have to ensure minimum localisation content of 40% on ex-factory price of the vehicle in case of buses and 50% for all other categories of vehicles (electric twowheelers, electric three-wheelers, electric four-wheelers and e-rickshaws) to qualify for benefits under the scheme.

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[Nairrk]

FAME subsidy on EVs detailed – 20k for 2 wheeler, 35k for 3, and 1.5 L for 4

After increasing total subsidy funds under FAME 2, government has revealed complete details of subsidy that will be available for e-vehicles. As per a new government notification, subsidy on e-cars will now apply to consumers electric vehicles as well, in addition to public transport vehicles. Subsidy on consumer electric vehicles will be available for various types of vehicles such as two-wheelers, three-wheelers and cars.

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[Nairrk]

Electric 2W, 3W must produce public transport permit to avail FAME-II sops: Govt

New Delhi: Starting April 1, electric three-wheelers and four-wheelers will have to produce a valid permit from a government agency stating that the vehicle will be used only for public transport purposes, to avail incentives under the Rs 10,000 crore FAME India scheme. The second phase of the FAME India scheme is proposed to be implemented over a period of three years, with effect from April 1, 2019.

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[Nairrk]

SBI cuts rates for electric car loans

Mumbai: In an attempt to incentivise the shift to green vehicles, SBI has cut rates on auto loans for purchase of electric cars. Borrowers will get a discount of 20 basis points on the interest they pay on their loan and get a longer repayment period under this scheme.

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[Nairrk]

Maharashtra: E-vehicles to get subsidies of up to Rs 1 lakh

To encourage the use of electric vehicles, the state government is offering subsidies on their purchase. Buyers can get subsidies of Rs 5,000, Rs 12,000 and Rs 1 lakh on new two-, three- and four-wheelers, respectively.

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[Nairrk]

Subsidy proposals this week to set up 5,000 e-charging stations

New Delhi: The government will within this week float two large proposals offering subsidy to states for deployment of 5,000 electric charging stations in cities and highways. This is the pilot electric infrastructure layout plan by the government and aims at promoting India’s plan to shift 40% fleet to battery-operated vehicles.

Presently, there are 150 charging stations in India. Setting up stations in cities will be open to all companies while only central utilities will be eligible to deploy such infrastructure on highways.

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[Nairrk]

GST on electric vehicles may be reduced to 5%

NEW DELHI: India may cut the goods and services tax (GST) on electric vehicles to 5% from 12% to provide a stimulus to the sector that’s a high priority for the Narendra Modi government.

The GST Council is set to take up the proposal at its June 20 meeting, said a senior government official aware of the development. “There is a proposal to cut tax rates on EVs among other issues,” the official told ET.

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[Nairrk]

Govt Proposes No Registration Charges For Electric Vehicles

The government has decided to waive registration charges for electric vehicles, a draft notification said Wednesday. The move, aimed at promoting electric vehicles (EVs) in India, comes at a time when the country plans high penetration of such vehicles by 2030. Issuing the draft notification to amend the Central Motor Vehicles Rules (CMVR), 1989, the road transport and highways ministry said battery-operated vehicles "shall be exempted from the payment of fees for the purpose of issue or renewal of registration certificate and assignment of new registration mark".

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[Nairrk]

GST on EV Chargers slashed to 12% from 18%

New Delhi: The goods and services tax (GST) committee on Friday approved the reduction in GST rate on electric vehicle chargers from 18 per cent to 12 per cent.

The proposal for GST rate cut on electric vehicles is still under consideration at the fitment committee, as per the sources. Currently, electric vehicles attracts 12 per cent GST which the industrydemands to be reduced to 5 per cent.

The Ministry of Road Transport and Highways (MoRTH) had asked for comments from stakeholders in a draft notification issued two-three days back.

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[Nairrk]

GST Council To Consider Reducing Tax On Electric Vehicles

The GST Council will consider reducing tax on electric vehicles, which are seen as more environment-friendly, and the matter is pending before it, Minister of State for Finance Anurag Thakur informed the Lok Sabha on Monday.

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[Nairrk]

Include Battery Swapping For Incentives Under FAME-II Scheme: FICCI

Industry chamber FICCI called for the inclusion of battery swapping model of charging for incentives under FAME-II scheme on Friday to help the acceleration of electric mobility in India. The ₹ 10,000-crore Faster Adoption and Manufacturing of Electric Vehicles (FAME -II) envisages incentives mainly to 10 lakh registered electric two-wheelers, 5 lakh e-rickshaws and 7,090 e-buses.

The FAME-II policy announced in March 2019 was much needed but there are some elements in the policy which could be altered for better results, FICCI said in a statement.

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[Nairrk]

Union Budget 2019: Govt to lower GST on EVs from 12% to 5%

With the much-anticipated tax reduction proposal, the budding Electric vehicle industryof the country got a special mention and strong stimulus in today's Union Budget 2019.

Nirmala Sitharaman, Finance Minister in her speech said, "With an aim to become a global hub for electric vehicle manufacturing, the government has already moved GST council to lower the GST rate on electric vehicles(EV) from 12% to 5%."

"Also to make EVs affordable for consumers our Govt will provide additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase EVs" she added

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[Kingtut]

Great move by the government to end the monopoly of maruti, India will now move on Teslas. True visionaries, only disappointment is the increase in fuel prices, it should have been atleast a rs50 increase every year.
In the next budget I expect tax cuts on the prices of rockets.

 

[Nairrk]

Ministry Of Road Transport & Highways Tells States To Incentivise EV Adoption

The Ministry of Road Transport and Highways today issued an advisory to all state transport departments with regards to faster adoption of electric vehicles and incentivising electric vehicle purchase as well. These measures include using green registration plates for zero emission vehicles, exemption of EVs requiring a permit for transport vehicles. The Ministry of Road Transport and Highways has now given a deadline of August 31, 2019 and expects all state transport departments to put the Centre's EV adoption plan into action by then.

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