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GST changes on EVs will slow Green Car adoption Insight

Last Update 10 October 2024

Changes to GST rates on Electric Vehicles could impact investment, employment, and sales of zero-emission cars. He emphasized that increasing tax on high-end imported EVs could discourage luxury automakers from introducing new technologies. Maintaining current GST rates is crucial for promoting EV adoption and fostering a healthy automotive market in India.

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Higher taxes on electric vehicles (EVs) are likely to increase their prices, which could discourage consumers from choosing electric options. This is particularly important for luxury brands that target high-end buyers, who may be more sensitive to price changes. Any tax increase could deter luxury manufacturers from introducing innovative technologies, further stalling market growth. Moreover, the presence of high-end EVs often generates interest and confidence in electric mobility among mass-market consumers. However, if luxury EVs become less affordable due to higher taxes, it could lead to hesitance among a broader audience to adopt cleaner technologies, ultimately hindering progress toward sustainable transportation. Automakers might revise their strategies in response to these rising costs, potentially delaying new EV launches or reducing investment in electric models, which could slow the growth of the segment. Additionally, with fewer EVs on the road, the urgency to develop the necessary charging infrastructure to support EV adoption may also diminish.

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