Nov 15, 2017

Electric Motor vehicle tax revised

The Finance Ministry has taken measures to also exempt electric cars used for up to one year similar to tax concessions proposed for new electric vehicles through the budget 2018.

Accordingly, the relevant gazette notification will be released today (15), according to Finance Ministry sources.

The Finance Minister, through the budget 2018 had proposed to reduce the import tax imposed on new electric vehicles by One million rupees.

However, vehicle importers pointed out that it was futile to grant tax concessions only for new electric cars.

Therefore, after taking into consideration the factors put forward by the vehicle importers, the Finance Ministry had decided to revise the tax concessions.

The vehicle importers had thus expressed their approval over the decision taken by the ministry.