- Atal Pension Yojana rule change: Big setback for taxpayers - know how it will impact your savings
- Home loans, EMIs to get more expensive: Now, this PSU bank hikes interest rates by .20%
- Mask mandatory in Delhi as Covid-19 cases rise again: Check new rules and penalty
- US inflation data: Break on 40-year peak, global markets rally - key highlights
- Microsoft layoffs 2022: IT giant sacks around 200 more employees as recession fears rise
Budget 2019 wish list from Society of Manufacturers of Electric Vehicles - What SMEV wants from Nirmala Sitharaman
Undoubtedly, electric vehicles (EV) are the next big thing in the automobile sector. And, Modi 2.0 too is serious about the implementation of EV roadmap. As of now, the Government think-tank Niti Aayog has planned transitioning to full EVs for three-wheelers by 2023 and two-wheelers with an engine capacity less than 150 cc by 2025. Niti Aayog has asked conventional two and three-wheeler makers to suggest concrete steps towards the transition to electric mobility keeping in mind 2025 deadline. Now, as Budget 2019 is set to be tabled on July 5, Society of Manufacturers of Electric Vehicles (SMEV) has some expectations from Nirmala Sitharaman & Team; here is the Budget 2019 wishlist from the Sohinder Gill, Director General of SMEV:-
Priority lending: To create a robust ecosystem for electric vehicles and give a boost to the commercial segment, the government could look at putting EVs in the priority lending sector. In this way, customers who want to start commercial operations can get relief in procuring e-vehicles.
‘Clean Air’: A dedicated budget could be allocated for the ‘Clean Air’ campaign, which could be integrated under the Swachh Bharat mission. The “Clean Air Campaign” can create massive awareness on Electric mobility and can influence the mindset of customers to adopt electric mobility to make India less polluting and its citizens healthier
Green Cess: We strongly advocates the imposition of a notional green cess on the polluting vehicles and use it to accelerate electric mobility. It would generate massive funds and reduce the burden on the government exchequer. This fund could be utilized in the frontloading of incentives to customers and bring electric two-wheelers prices down to the level of petrol two-wheelers.
Rationalization of Corporate tax and Income tax: To encourage industries and customers to adopt e-mobility, rationalization of taxes could play a significant role. The government can give relaxation from taxes for a specific period to those who go for green vehicles and contribute their bit to saving the environment.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.