Union Budget 2019 reaction: Proposal to lower GST rates on EV from 12% to 5% is a positive sign, Rahul Sharma, Revolt Intellicorp
Finance Minister Nirmala Sitharaman presented the Union Budget 2019 today. The Budget 2019 covered the topics of efficient public transportation, alternate methods of commute for commercial vehicles, national transport card for universal payment of tolls, tickets for road and rail and retail shopping. It also covered the national highway development plan that will further improve connectivity in the country. Here's the detailed reaction from Rahul Sharma, Founder, Revolt Intellicorp Pvt. Ltd.
"This budget has been very promising for our industry. The proposal to lower GST rates on electric vehicle from 12% to 5% is a positive sign and we hope to see it implemented at the earliest. The budget is an opportunity for consumers to start adopting electric vehicles. An additional income tax deduction of 1.5 lakh on the interest paid on the loans would make the purchase more affordable. This is the start of a revolution and we believe 3 years from now things will change rapidly and India will be ahead of the curve in its adoption rate"
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