UP government adopts no tax policy on the purchase of electric vehicles.

Category: Automobile

In the struggle to shift the automobile industry towards clean energy, the Uttar Pradesh government last Friday announced no tax policy on the acquisition of electric vehicles (EVs). The UP government made this choice while amending the earlier notification. For a maximum of three years, tax and registration costs won't be due. Additionally, this discount will be available for five years on the buying of electric vehicles made right here in the state itself. The government has also instructed all district RTOs to immediately guarantee that the directives are followed. According to the Principal Secretary L Venkateshwar Lu's revised notification, the Uttar Pradesh electric vehicle manufacturing and mobility policy 2022 provides a 100 percent tax exemption on electric cars (EVs) sold and registered in UP from October 14, 2022, to October 13, 2025. In addition, from October 14, 2025, to October 13, 2027, the fourth and fifth years of the policy's application period, a 100% discount will be provided on all sold and registered EVs produced in the state as of the same date. It is also made clear what an EV is intended to accomplish. As a result, all vehicles with electric motors fueled by batteries, ultracapacitors, or fuel cells are referred to as EVs. Strong hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVs), and fuel cell electric vehicles are all examples of these 2-wheelers, 3-wheelers, and 4-wheelers (FCEVs). For the state's millions of current electric car owners as well as potential buyers, this will be a huge relief. Those who bought electric cars after October 14, 2022, and paid tax and registration fees will automatically have their money returned to their accounts. The owner of an electric car needn't exert any effort for this. The owners of electric vehicles in the state are expected to profit from this government action as well. The state government's support will enable them to make significant financial savings. In addition to the federal government, it is probable that the cost of on-road two-wheelers will differ by 15–20,000 rupees and the cost of cars by up to one lakh rupees. This distinction between registration in Delhi and UP is about to come to a stop. Now, both states' prices will be the same. Customers purchasing electric cars in the state will receive a significant subsidy, per the UP EV Policy. The policy states that a 15% subsidy will also be given on the factory price of electric cars bought in the state. For the first 2 lakh electric two-wheelers, a rebate of up to Rs 5,000 per vehicle, a maximum of Rs 12,000 for the first 50,000 electric three-wheelers, and up to Rs 1 lakh per vehicle for the first 25,000 electric four-wheelers will be offered. The first 400 buses bought in the state will receive a rebate of up to Rs 20 lakh per electric bus. Additionally, a maximum of 1,000 e-goods carriers will receive a subsidy of 10% off the factory price for the acquisition of e-goods pages up to Rs 1,000,000 per vehicle. Additionally, the government will promote the purchase of electric cars by government workers. The state government will also permit workers to accept the advance for this. Keywords: Electric Vehicles, EV Subsidy, EV News, EV Blogs