• Home
  • About Us
  • Anti Spam Policy
  • Contact Us
  • Cookie Policy
  • DMCA
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
Top Motoric
  • Home
  • Motorcycles
  • Luxury Cars
  • Car Services
    • Car Accident
    • Car Hire
    • Car Covers
  • Auto Parts
    • Tires
  • Auto Shows
    • Used Cars
  • Contact Us
  • Pages
    • Disclaimer
    • About Us
    • Anti Spam Policy
    • Cookie Policy
    • DMCA
    • Privacy Policy
    • Terms and Conditions
No Result
View All Result
  • Home
  • Motorcycles
  • Luxury Cars
  • Car Services
    • Car Accident
    • Car Hire
    • Car Covers
  • Auto Parts
    • Tires
  • Auto Shows
    • Used Cars
  • Contact Us
  • Pages
    • Disclaimer
    • About Us
    • Anti Spam Policy
    • Cookie Policy
    • DMCA
    • Privacy Policy
    • Terms and Conditions
No Result
View All Result
Top Motoric
No Result
View All Result
Home Auto Parts

Vroom vroom: Rs 1.5 lakh tax sops! Time you hop directly to e-car

Christina Moran by Christina Moran
July 6, 2019
in Auto Parts
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Even as the government made its intentions clear through providing additional tax sops on the electric car (EV) buy, it’s far the statement regarding the funding of factually sound NBFCs that are expected to offer on the spot arrest of a prolonged slowdown in standard automobile sales, claim the industry stakeholders.

Tightening of liquidity to non-banking finance zone (NBFCs) arising out of IL&FS rip-off has been one of the significant individuals to the enterprise slowdown inside the beyond numerous months. This impacted the mortgage availability to now not handiest the customers but even to the stores and component makers down the value chain.

According to Pawan Goenka, MD at Mumbai-primarily based Mahindra & Mahindra (M&M), it will offer a few immediate effects as although 10% customers get the budget for automobile purchase (who were earlier no longer getting it), it might assist in reducing the slowdown using 10%. “The reforms introduced for NBFC will assist in lowering the charge of finance,” stated Goenka. Satyakam Arya, MD & CEO, Daimler India Commercial Vehicles seconded Goenka while he noted the capital infusion into banks will enhance lendings to NBFC and could place them in better health, and this may help the CV enterprise.

On the EV the front, the Budget has made an outlay of additional income tax deduction of Rs 1.5 lakh on the hobby paid on loans taken to buy electric-powered automobiles. The government has already moved GST council to decrease the GST fee on electric cars from 12% to 5%. To similarly incentivize e-mobility, Customs responsibility is being exempted on certain components of electric automobiles. Earlier, Phase II of FAME with an outlay of Rs 10,000 crore for three years already started from April 1 this 12 months.

Commenting at the bulletins regarding EV, Chetan Maini, Co-Founder at SUN Mobility, is of the view that although inspiration of decreasing of GST rate on electric cars from 12% to 5% is an encouraging signal, it would be greater use for the cease-user, if the authorities additionally awareness on decreasing GST on charging / battery swapping offerings from 18% to five% (identical as that for public delivery offerings). Maini is the maker of Reva, India’s first electric-powered car company which was later received with the aid of M&M.

According to Hetal Gandhi, Director, CRISIL Research discount in GST on electric powered cars (from 12% to 5%) will have a beneficial effect on buying an electric two-wheeler and an electric powered taxi. However, the non-public electric small car nevertheless remains destructive because of lack of FAME II subsidy on it.

While the government decreased customs obligation on certain EV parts, it additionally elevated taxes on some of the ICU automobile parts, which have no longer long gone down nicely with the manufacturers. Martin Schwenk, MD & CEO, Mercedes-Benz India said the choice on automobile elements changed into now not expected and isn’t going to help create a call for within the enterprise which is dealing with robust macro-monetary headwinds, ensuing in subdued client interest. “The boom in customs obligation coupled with extra input expenses because of the gas fee hike ought to result in an upward thrust in the rate of our version variety.”

Naveen Munjal, MD of Hero Electric, stated the cut in customs responsibility on lithium-ion cells could help local factor manufacturers in scaling up the manufacturing thereby also decreasing the overall prematurely fee of electric vehicles in India.

To similarly incentivize e-mobility, she stated customs obligation is being exempted on positive elements of electric vehicles.

 

Previous Post

Best Auto Parts For Your Car: How To Choose Rims

Next Post

Budget 2019: Things that were given more expensive and inexpensive

Christina Moran

Christina Moran

Next Post
Budget 2019: Things that were given more expensive and inexpensive

Budget 2019: Things that were given more expensive and inexpensive

No Result
View All Result

Today Trending

  • Lagos Motor Fair, Autoparts Africa Expo keep in May

    Lagos Motor Fair, Autoparts Africa Expo keep in May

    0 shares
    Share 0 Tweet 0
  • This modified Royal Enfield prices Rs. Thirteen lakhs, however is it well worth it?

    0 shares
    Share 0 Tweet 0
  • Love gives energy after life-threatening vehicle accident

    0 shares
    Share 0 Tweet 0
  • Survivor of Gretna teenager automobile crash released from burn unit

    0 shares
    Share 0 Tweet 0
  • CarDekho to amplify as used vehicle market outperforms

    0 shares
    Share 0 Tweet 0

Recent Post

Love gives energy after life-threatening vehicle accident

Love gives energy after life-threatening vehicle accident

August 28, 2019
What to anticipate at the arena’s most efficient vehicle display

What to anticipate at the arena’s most efficient vehicle display

August 26, 2019
Fake spare components’ increase beats car income

Fake spare components’ increase beats car income

August 22, 2019
  • Home
  • About Us
  • Anti Spam Policy
  • Contact Us
  • Cookie Policy
  • DMCA
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
Mail us: [email protected]

© 2020 topmotoric - All Rights Reserved To Us

No Result
View All Result
  • Home
  • Motorcycles
  • Luxury Cars
  • Car Services
    • Car Accident
    • Car Hire
    • Car Covers
  • Auto Parts
    • Tires
  • Auto Shows
    • Used Cars
  • Contact Us
  • Pages
    • Disclaimer
    • About Us
    • Anti Spam Policy
    • Cookie Policy
    • DMCA
    • Privacy Policy
    • Terms and Conditions

© 2020 topmotoric - All Rights Reserved To Us