Finance Minister Swarnim Wagle Claims Electric Vehicle Prices Have Decreased
Summary
Finance Minister Swarnim Wagle stated that electric vehicles priced below 5 million rupees have become cheaper following a new tax structure based on vehicle price rather than motor capacity.
Key Points
- Finance Minister Swarnim Wagle claims the prices of electric vehicles under 5 million rupees have decreased due to new tax reforms.
- The government changed taxation on passenger EVs to be based on price plus insurance and transport costs rather than motor capacity.
- Customs duty for all vehicles is now fixed at 20 percent, with additional fixed road toll and VAT percentages.
- Though some taxes increased in higher price slabs, the overall tax burden on EVs with CIF price under 2 million rupees has reduced, making them cheaper.
