New scheme for electric vehicles links lower import duties to direct foreign investments
The government has notified the Scheme for Promotion of Manufacturing of Electric Passenger Vehicles (EVs) in India and issued two notifications, 19/2024-Customs and 20/2024-Customs, both dated March 15, 2024, exempting the social security surcharge and the basic premium is reduced. customs duties (BCD) of up to 15 percent on imports of electric vehicles falling under heading 8703 of the Customs Tariff, subject to certain conditions. The government hopes the plan will attract foreign direct investment in electric vehicle production.
EVs attract a 100 percent BCD for cars priced above $40,000 per unit and 70 percent BCD for those priced above
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First print: March 25, 2024 | 12:07 pm IST