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5,645 Electric Buses Approved for 65 Cities
July 31, 2019
This Monday, CEO of NITI Aayog Amitabh Kant said that in a bid to promote electric mobility, as many as 5,645 electric buses have been sanctioned for operations in 65 cities by an inter-ministerial panel. It’s worth noting that another move in the same interest was taken last week as finance minister Nirmala Sitharaman slashed the GST rate on electric vehicles to 5% from existing 12%.
Electric vehicles are currently exempted from customs duty and in the union budget for FY20, the Center had called for an income tax reduction of ₹1.5 lakh on the interest paid on loans taken for buying electric vehicles.
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