<p>With an aim to boost the sales of Electric Vehicles (EVs), Nirmala Sitharaman, in her maiden Parliament Budget speech, announced tax sops for loans to buy them.</p>.<p>An additional income tax deduction of Rs 1.5 lakh will be provided on the interest paid on loans taken to purchase EVs. This amounts to a benefit of around Rs 2.5 lakh over the loan period to taxpayers who take the vehicle loans.</p>.<p>Further, the Modi 2.0 government has already moved the GST council to lower the GST rate on EVs from 12% to 5%.</p>.<p>"Considering our large consumer base, we aim to leapfrog and envision India as a global hub of manufacturing of Electric Vehicles", she said in the speech. </p>.<p><a href="https://www.deccanherald.com/liveblog/budget-2019-live-updates-gold-to-get-expensive-no-relief-in-income-tax-744987.html"><strong>Union Budget 2019 | Get the live news updates, views & analysis here</strong></a></p>.<p>The Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme was launched to promote eco-friendly vehicles in the country. The second phase of the scheme was launched in April 2015. Under this phase, only advanced battery and registered e-vehicles will be incentivised with greater emphasis on providing affordable and environment-friendly public transportation options for the common man.</p>.<p>The government also aims to include solar storage batteries and set up sufficient charging infrastructure to boost their efforts.</p>.<p>Sitharaman also announced an exemption from customs duty on certain parts of electric vehicles.</p>
<p>With an aim to boost the sales of Electric Vehicles (EVs), Nirmala Sitharaman, in her maiden Parliament Budget speech, announced tax sops for loans to buy them.</p>.<p>An additional income tax deduction of Rs 1.5 lakh will be provided on the interest paid on loans taken to purchase EVs. This amounts to a benefit of around Rs 2.5 lakh over the loan period to taxpayers who take the vehicle loans.</p>.<p>Further, the Modi 2.0 government has already moved the GST council to lower the GST rate on EVs from 12% to 5%.</p>.<p>"Considering our large consumer base, we aim to leapfrog and envision India as a global hub of manufacturing of Electric Vehicles", she said in the speech. </p>.<p><a href="https://www.deccanherald.com/liveblog/budget-2019-live-updates-gold-to-get-expensive-no-relief-in-income-tax-744987.html"><strong>Union Budget 2019 | Get the live news updates, views & analysis here</strong></a></p>.<p>The Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme was launched to promote eco-friendly vehicles in the country. The second phase of the scheme was launched in April 2015. Under this phase, only advanced battery and registered e-vehicles will be incentivised with greater emphasis on providing affordable and environment-friendly public transportation options for the common man.</p>.<p>The government also aims to include solar storage batteries and set up sufficient charging infrastructure to boost their efforts.</p>.<p>Sitharaman also announced an exemption from customs duty on certain parts of electric vehicles.</p>
