Rajasthan government declared SGST reimbursement encouraging the EV switch in country
The rising fuel prices in the country are resulting in a huge switch to electric vehicles. Besides that, many state governments are declaring new or revised EV policies ensuring that buying an electric vehicle is now affordable.
Different states have different drafts of the policy which quotes many benefits at the time of buying an electric vehicle, incentives regarding EV infrastructure setup, and many tax benefits. Such moves by the state governments are boosting the EV market showing the high sales by EV manufacturing companies.
Recently, the government of Rajasthan announced the new EV policy in the state promoting the public to switch to EV. This policy like other states includes many subsidies and reimbursement of SGST(State Goods and Service Tax).
The EV policy announced by the Rajasthan government highlights the reimbursement of SGST up to 2% of the cost of a vehicle. The policy also assures grants for buying electric two-wheelers and three-wheelers. There are not many benefits declared to date for buying an electric car in the state of Rajasthan.
A buyer will be granted a lump sum amount at the time of registration and purchase of the vehicle depending upon the battery capacity. Buyers of electric 2 wheelers have different limits ranging from Rs.50,000 for a battery capacity of 2 Kwh to Rs.10,000 for a battery with a high capacity of more than 5kWh.
These grants are effective from 1st April 2021 and will be valid till 31st March 2022, where the purchase document states the purchase is in the state of Rajasthan.
Electric three vehicles will get the subsidy starting from Rs.10,000 for a battery capacity of 3kWh with the highest limit being Rs.20,000 for the vehicle with more than 5kWh of battery.
Wardwizard Innovations and Mobility Ltd., the first electric vehicle company to be listed on BSE (Bombay Stock Exchange) welcomes this move by the Rajasthan government. New policies by the central and state government are encouraging us at Wardwizard to come up with more economical options for the electric vehicle buyers in the country.