Electric vehicles will be cheaper up to Rs 10 lakh

The Haryana government has approved the state’s electric vehicle (EV) policy, through which customers adopting electric vehicles are going to get benefits worth lakhs. Under the state’s new EV policy, new electric vehicles priced up to Rs 70 lakh will also be given extra discount for a limited time. With this, now the EV buyers in Haryana are going to be tremendously benefitted by combining the Central government’s FAME-II subsidy and the new state subsidy.

According to the new electric vehicle policy of Haryana, up to 15 percent discount will be available on buying a new electric vehicle. However, a limit has been placed in this. If you are going to buy an electric car, and its price is between Rs 15 lakh to Rs 40 lakh, then you will get 15% discount. Here the exemption has been limited to a maximum of Rs 6 lakh.

Imported electric vehicles are also included in this policy. Explain that there are heavy custom duties and taxes on imported vehicles in India. To give relief from this, the state government, under its new policy, is giving a subsidy of 15% (maximum Rs. 10 lakh) to customers on vehicles priced between Rs. 40 lakh to Rs. 70 lakh.

Although the central government as well as most of the states include only electric vehicles in their electric vehicle policy, but the Haryana government has also included hybrid vehicles in its policy. The government is giving a 15% discount (maximum Rs 3 lakh) on hybrid cars priced below Rs 40 lakh. Hybrid vehicles are vehicles that are equipped with a fuel engine as well as an electric powertrain and run on a mixture of the two.

However, let us also note that Haryana’s early bird subsidies are meant to boost EV adoption in the state, but they will be offered for a limited period of time. The end date of the offer is yet to be confirmed. The good thing is that even after the offer is over, electric vehicle buyers will continue to get exemption in motor vehicle tax and registration fees.

Apart from the customers, there is good news for the manufacturers as well. Under the new policy, electric vehicle manufacturers will get their State Goods and Services Tax (SGST) back by the government for the next ten years. The offer covers EV industry corporations of all sizes – micro, small, medium, large and mega.

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