Government reduces GST on electric vehicles

Government reduces GST on electric vehicles

"They have mastery in turning solutions into a problem. But saying that something can not be done or achieved is not good", he said.

EXPLAINING the rationale behind setting a $5-trillion GDP target, Prime Minister Narendra Modi cited an English phrase - "size of the cake matters" - Saturday to underscore that if the size of the economy grows, every stakeholder benefits. You all must know and tell people about it because there are some people who doubt on our will.

The first Budget of the second Modi government appeared to be of a continuum of the last with an emphasis on social welfare.

Much of the allocations for farmers was done in February's interim budget including the Pradhan Mantri Kisan Samman Nidhi. This includes a bank overdraft facility of ₹5000 for women members of Self Help Groups (SHG) and an identification with the poor, while the rich (those with incomes between ₹2 and 5 crore and ₹5 crore and above) have been hit with a hike in surcharge. He said that if one sees the history of a developed nation, one will find that per capita income of these nations was meagre and then all of sudden their per capita income rose drastically. "India can also do it, especially when it is the youngest nation of the world", he said.

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To put money where the mouth is, several new initiatives will be undertaken. Maintaining that tourism could also boost the economy further, he asked people of Varanasi to explore commercial options of the "homestay" concept for tourists and said that soon his government will also send a draft law to the state to promote renting of houses.

"Our government is focusing on the export of defence and electronic equipment", he asserted.

Along with the tax exemption, the oncoming reduction in GST (Goods and Services Tax) for EVs from 12 per cent to 5 per cent will make them attractive for buyers while making a purchasing decision.

"The establishment of an electronic fundraising platform has been announced in the budget on the lines of the Stock Exchange". Working president of the party J P Nadda, Uttar Pradesh Chief Minister Yogi Adityanath were also present at the event. Nadda also urged BJP workers to work religiously to strengthen the party at the booth levels.

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