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India Cuts Taxes on EVs, Charging Stations
India will slash its goods and services tax on electric vehicles and EV chargers to 5% from the current 12% and 18%, respectively, on Aug. 1.
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India will slash its goods and services tax on electric vehicles and EV chargers to 5% from the current 12% and 18%, respectively, on Aug. 1.
The reductions, which were announced over the weekend by the finance ministry, are intended to boost the appeal of electric cars.
EVs currently account of a meager 0.06% of the Indian passenger vehicle market. Electric two-wheelers dominate the overall electric vehicle market there. Last year, sales of electric bikes and scooters in the country totaled 54,800 units.
India has said it expects EVs will generate 30% of its passenger vehicle sales by 2030. But the government is still developing a coherent program to support that goal. The head of the Society of Manufacturers of Electric Vehicles points out that the taxes on replacement EV batteries is still 18% and suggests it be lowered to 5%.
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