Hope Budget has a long-term plan for GST on e-cars: Mercedes-Benz India CEO

Mercedes-Benz India hopes that the Budget on Thursday will outline a long-term plan on the Goods and Service Tax (GST) on electric cars, allowing auto companies to plan their investments accordingly, its Managing Director and CEO said. Santosh Iyer, in a statement to Business Standard on Wednesday.

Currently, all electric vehicles (EVs) benefit from a favorable VAT rate of five percent, while vehicles running on internal combustion engines (ICE) are charged a VAT rate of 28 percent.

The German carmaker, which leads the country’s luxury car market, achieved 10 percent year-on-year growth, reaching 17,408

First print: January 31, 2024 | 8:00 pm IST