Rising petrol-diesel price hike could lead to electric vehicle price hike

In view of the rising prices of petrol and diesel, the country has started reducing the prices of electric vehicles. According to sources, a proposal to reduce prices on it could be approved at a possible GST Council meeting next month.

GST

According to an official attached to the case, restructuring of GST rates has started after the budget. First of all, work is being done to improve the inverted duty structure. The problem is that the tax rates on raw materials are higher than the final product. This encourages imports from abroad.

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The cost of the battery will be lower

The government has begun work on revising tax rates on electric vehicle batteries and other raw materials. Tax rates on battery-connected services could also be reduced at the upcoming GST Council meeting. It is being considered to bring these rates down from 18 per cent to 12 per cent or even 5 per cent. The GST rate on lithium ion batteries in the country is currently 18 per cent. In addition, 18 per cent GST has to be paid on battery replacement and charging services. However, GST on selling a car with a battery is 5 per cent. With this in mind, consumers feel that the maintenance of an electric vehicle will become more expensive. The government is considering new ways to address these shortcomings.

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Electric_Vehicle

Prepare a list of price discrepancies

Officials have started compiling a list of products on which there are discrepancies in tax rates and traders are facing difficulties. No date has been set for the GST Council meeting but according to the information received, the meeting may be held in the middle of next month with the consent of all the states.

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Sales of cars may decline

Rising petrol-diesel prices could have an impact on vehicles. The auto expert said, "People in India are aware of the cost of vehicles and operating costs. Rising petrol-diesel prices have pushed up operating costs. Which may reduce the sales of vehicles in the future. Electric vehicles can benefit from this. Companies are also bringing in electric vehicles at lower prices.