Cars have always been a thing of attraction. Their specs keep car lovers attached to them no matter what. This is the reason why India’s carmakers always come up with brand new car models each year. India intends to get strong in the field of electric vehicles. It is evident from India’s budget 2019. It has announced many concessions on the part of electric vehicles. They have enlisted such factors that will affect your decision of buying a vehicle.
Here are the reasons why you should prefer electric cars:
#Low GST rates:
India’s finance minister, Nirmala Sitharaman has told that they will decrease GST rate from 12 to 5% on electric vehicles. It is good news for both manufacturers and buyers. It is because carmakers will face less expenses. As a result they will gain more revenue. For the side of buyers, their desirable car models will be cheaper for them and they will feel less burden while buying a car.
#Income tax deduction:
If you intend to take a bank loan to buy an electric vehicle, here is a good news for you. Indian Government has announced 1.5 lakh income tax deduction on interest paid for loan taken for buying electric vehicles.
#FAME II scheme:
Phase-I of Faster Adoption and Manufacturing of Electric vehicles in India (FAME) has already been very beneficial for inspiring growth of electric vehicle industry. Phase-II will support 55,000 cars. This phase is inclined to attract more and more local investors toward EV.
They also announced reduction in custom duty on some parts of EV. This will set carmakers on relief. As the parts that they import will cost less and this is good sign for them. These low cost cars will be available to customers on affordable market price.
Availability of hi-tech cars on such rates is a blessing. Moreover, electric cars are also eco-friendly. They don’t consume fuel that pollutes environment. So it is positive initiative. Growth of electric vehicle industry and pollution free environment are the highlights of this budget!