Union Budget 2023: Big cheer for EVs as Lithium batteries to get cheaper after custom duty cutThe deduction will lead to minor changes in custom duties, cesses, and surcharges on items like bikes and automobiles
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Representative image. Credit: AFP File Photo
In line with the government's push for green growth in the Union Budget 2023, Finance Minister Nirmala Sitharaman announced a cut of basic customs duty on goods other than textiles and agriculture from 21 per cent to 13 per cent, including lithium and ion cell batteries used in electric vehicles.
Customs duty exemptions are extended to the import of capital goods and machinery required for lithium and ion cells for batteries used in EVs. Hence, this move is likely to make EVs cheaper.
The deduction will lead to minor changes in custom duties, cesses, and surcharges on items like bikes and automobiles, she added in her speech.
More to follow...