GST on Electric Vehicles Reduced to 5 Percent, Tax Benefits Upto Rs 1.5 Lakh on EV Loan: Union Budget 2019

Finance Minister Nirmala Sitharaman has announced the reduction of GST on electric vehicles from 12% to 5%. She said that 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, government will provide additional income tax deduction of Rs 1.5 lakh on the interest paid on the loans taken to purchase EVs…