New Delhi: The fitment committee of the Goods and Services Tax (GST) Council, at a meeting held on Wednesday, rejected the industry request for reducing the GST rate on lithium-ion batteries for electric vehicles from 18 per cent to 5 per cent. According to sources, the reason for not reducing the levy is that apart from electric vehicles, lithium-ion batteries are also used in multiple other products including mobile phones and portable electronic goods. The tax is seen as an important source of revenue which the government does not want to lose given the huge expenditure on social welfare and infrastructure projects in the run-up to the key assembly elections in states and the Lok Sabha
Hence then, the article about gst panel refuses to cut tax rate on batteries for evs was published today ( ) and is available onNews room odisha ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details Finally We wish PressBee provided you with enough information of ( GST panel refuses to cut tax rate on batteries for EVs )