Electric Vehicle Companies in India: If you are going to take an electronic vehicle then it will prove to be very beneficial for you. Buying an electronic vehicle, especially an electronic car, gives you many benefits.
Benefit inĀ
Income Tax This can give you a big advantage in income tax. Plus you can save a lot of money. To promote EV, the government is now going to give you an exemption in income tax. If you buy an EV you are going to save big. Not only will you get an income tax exemption on the purchase of EVs, but you will also get the benefit of GST. On the one hand, while the government has to pay more than 40 percent GST on other vehicles, only 5 percent GST has to be paid on the purchase of electric cars.
Such a discount will be
If you buy an electric vehicle on a loan of Rs 20 lakh and an interest of 7.5 percent is charged on it. This way you will have to pay an interest of Rs 1.5 lakh. This entire interest will be deducted in computing your total income. If you fall in the 30 percent bracket. Accordingly, only you can save tax of more than 45 thousand. It will be more or less depending on the different slab and the price of the vehicle.
You will
18 to 28 percent GST will have to be paid on any EV vehicle. On the other hand, if someone is buying a luxury car, then along with 28 percent GST, 15 percent cess will also have to be paid on it. Accordingly, 43 percent of the total cost of the vehicle has to be paid in GST. But the central government has given a discount of only 5 percent on the purchase of electric vehicles.
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