Uncategorized

Government lowers import duty on components for electric vehicles

Updated : January 30, 2019 06:30 AM IST

Until now, vehicle parts and components imported for assembly in India attracted import duty of 15 to 30 percent.

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 percent.

To promote domestic assembling of electric vehicles, the government Tuesday lowered customs duty on import of parts and components of such vehicles to 10 to 15 percent.

Until now, vehicle parts and components imported for assembly in India attracted import duty of 15 to 30 percent.

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 percent.

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 percent tax. Customs duty on battery packs for mobile phone has been doubled to 20 percent.

The new rates of duties will come into effect from Wednesday, the CBIC said.

Government lowers import duty on components for electric vehicles

You May Also Like

Home First Finance Company IPO fully subscribed on day 1

Gold rate today: Yellow metal trades lower; Suppot seen at Rs 49,100 per 10 grams level; Silver falls 1%

Bajaj Auto Q3 profit rises 23% YoY to Rs 1,556.3 cr; reports highest ever turnover

Trending on CNBC-TV18

recommended for you