Modi’s Union Budget 2019 give cheer to Electric vehicle

The budget announced by the Finance minister, Nirmala Sitharaman on Friday gives cheers to Electric vehicle start-up after reduction in GST.

The majority of companies who were depressed due to high GST and finding out the new customers, now have a smile on their face. The government reduces the tax on electric vehicle loans, this influence new buyers to fulfil their dreams.

Nirmala said, with the aim of becoming a global hub for an electric vehicle, we reduced the GST rate from 12% to 5%.

This announcement brings smiles of thousands of customers and sellers face. This believed it brings down custom duty on lithium-ion cells. Also, it reduced the cost of important things which are needed to manufacture.

The CEO, co-founder of Ather energy takes this union budget positively and said this will bring the boost to sales, and we will meet the demands for products with ease.


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Union Budget 2019: FM Nirmala Sitharaman Says Highest Income Group Should Contribute More For National Development

Union Finance Minister Nirmala Sitharaman, the second woman finance minister of India after Indira Gandhi, presented the Union Budget 2019 in the Parliament.

Nirmala Sitharaman laid out the roadmap of India’s growth in her maiden budget speech. FM Sitharaman announced key measures of Modi 2.0 government. These measures include power to all rural families by 2022, reform of labour laws and solid waste management and comprehensive water management at local level.

Top 10 Takeaways From Union Budget 2019

• Surcharge on individual income of ₹2-5 crore and over ₹5 crore by 3% and 7% respectively.

• Custom duty on precious metals including gold increased from 10% to 12.5%.

• Additional deduction of ₹1.5 lac on interest paid on home loans up to ₹45 lacs borrowed up to 31 March 2020.

• Special additional duty and road and infrastructure cess on diesel and petrol increased by ₹2/litre.

• Starting from 1.85 trillion dollars in 2014, the economy has jumped to 2.7 trillion dollars. It will become 3 trillion dollars this year and 5 trillion dollars in the coming years.

• GST rate on electric vehicles (EV) to be reduced from 15% to 12%.

• Fiscal deficit brought down to 3.3% from 3.4%.

• Companies with annual turnover of ₹400 crores will pay 25% corporate tax.

• Gandhi-pedia to be developed like an encyclopedia to promote Gandhian School of thought.

• Expansion of Women Self-Help Groups (SHGs) Interest Subvention Programme to all districts of India.


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