GST rate on EVs cut from 12% to 5%; reduced rate effective from August 1

The high-powered  GST  Council on Saturday decided to reduce the tax rate on electric vehicles (EVs) to 5 per cent from the existing 12 per cent, a move aimed at accelerating the adoption of eco-friendly mobility solutions. The new  Goods and Services Tax  (GST) rate on EVs will be effective from August 1, the finance ministry said in a statement after the 36th meeting of the&n…