GST Council reduces rate on electric vehicles from 12% to 5%
- jackson veera
- Jul 27, 2019
- 1 min read
In the 36th goods and services tax (GST) Council meet, the first after the budget, the tax rate on electric vehicles (EVs) was significantly cut
The central government has been taking initiative to popularise environment friendly electric vehicles. In the Union Buget 2019-20, the government provided additional income tax deduction of Rs 1.5 lakh on the interest paid on loans taken to purchase EVs.
Four key takeaways from GST Council meet:
The GST rate on all EVs was slashed from 12 per cent to 5 per cent.
The rate on charger or charging stations for EVs was also reduced from 18 per cent to 5 per cent.
The hiring of electric buses, with a carrying capacity of more than 12 passengers, by local authorities, was exempted from the GST.
These revised GST rates will be effective from 1 August 2019.
The Council has also given relief to GST filers by extending the
Last date for filing of intimation, in FORM GST CMP-02, for availing the option of payment of tax under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 (by exclusive supplier of services), to be extended from 31.07.2019 to 30.09.2019.
The last date for furnishing statement containing the details of the self-assessed tax in FORM GST CMP-08 for the quarter April, 2019 to June, 2019 (by taxpayers under composition scheme), to be extended from 31.07.2019 to 31.08.2019.
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