Tag: Electric Vehicle

GST in Media

Tax all new technology batteries uniformly at 5% GST: IESA

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India Energy Storage Alliance on Wednesday said batteries, irrespective of technology type, must be uniformly taxed at 5 per cent GST like electric vehicles to support the emerging sector. Ahead of the Union Budget, India Energy Storage Alliance (IESA) President Debi Prasad Dash told PTI that the government may consider protecting domestic cells and battery component manufacturers in the wake of an increase in imports of lithium-ion cells, which has risen to Rs 24,000 crore in FY24 from Rs 18,000 crore in FY23, especially from China.

GST in Media

GST Council Meeting: 5% Tax On New EVs, Food Delivery Tax Decision Deferred

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The 55th Goods and Services Tax (GST) Council meeting, chaired by Finance Minister Nirmala Sitharaman, introduced significant tax relief measures aimed at fostering economic growth and supporting critical sectors. The council exempted payment aggregators from GST on transactions below Rs 2,000, a move likely to benefit small businesses and promote digital payments across the country.

GST in Media

Used cars get costlier with 18% GST

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The GST Council, led by Finance Minister Nirmala Sitharaman, has approved a significant increase in the tax rate for the sale of used cars, including electric vehicles (EVs). The GST, previously set at 12%, will now rise to 18%, a move aimed at bringing uniformity to the taxation of second-hand vehicles.

GST in Media

GST cut on battery swapping key to EV growth, says IndoFast CEO

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The high 18% GST on batteries used for swapping is one of the biggest hurdles to accelerating India’s transition to electric vehicles (EVs), said Anant Badjatia, CEO, IndoFast Energy. Speaking at a panel discussion on EV and the future of mobility at Bengaluru Tech Summit 2024, Badjatia called for urgent reforms to taxation and policy, emphasising the transformative potential of battery swapping if these barriers are addressed.