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New budget brings a boom to electric vehicle demand

The new budget is delighting for many vehicle lovers. In order to promote eco friendly transportation Minister of Finance Nirmala Sitaraman has announced a cut down in GST as well as a relaxation on tax in the loan interest. As per the new policy there will be relaxation for tax on loan interests up to 1.5 lakh.

The government has approached the GST council to reduce the GST rate from 12 to 5. 10000 crore rupees was allocated for the FAME initiative which intended to promote Electric vehicles. The government aims to make the nation a hub of electric vehicles. As part of this the vehicle parts were eliminated from customs duty. The government aims to make the electric vehicles 30% of the total by 2030. Charging stations and other infrastructure facilities would be available soon. Electric cars will also get a boost as the new economic policy is favourable to it.


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