Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
News18 » Auto
1-min read

Government Lowers Import Duty on Components for Electric Vehicles

Before this, vehicle parts and components imported for assembly in India attracted import duty of 15 to 30 per cent. The government lowered customs duty on import of parts and components of such vehicles to 10 to 15 per cent.

PTI

Updated:January 31, 2019, 2:07 PM IST
facebookTwitterskypewhatsapp
Government Lowers Import Duty on Components for Electric Vehicles
Image used for representational purpose. (Photo: Reuters)
Loading...

To promote domestic assembling of electric vehicles, the government lowered customs duty on import of parts and components of such vehicles to 10 to 15 per cent. Until now, vehicle parts and components imported for assembly in India attracted import duty of 15 to 30 per cent. The Central Board of Indirect Taxes and Customs (CBIC) has carved out a separate category for parts and components of electric vehicle for which customs duty has been lowered to 10-15 per cent.

Further, the CBIC has removed customs duty exemption to battery packs for electric vehicles and also doubled the duty on battery packs for mobile phones. Henceforth, import of battery packs for electric vehicles will attract 5 per cent tax. Customs duty on battery packs for mobile phone has been doubled to 20 per cent.

The new rates of duties will come into effect from January 30, the CBIC said. EY Tax Partner Abhishek Jain said, "These customs duty rate rationalisations while may increase the cost of import of these goods, but should definitely boost the 'Make in India' initiative of the government."

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Abhinav Jakhar
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results