Budget 2023: Custom Duty Exemptions For Manufacturing Of Lithium Ion Batteries Announced To Promote Green Mobility
During her Budget speech, the FM announced that custom duty exemptions will be provided for the manufacturing of lithium-ion batteries, in a bid to promote green mobility.
Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament on Wednesday. During her Budget speech, the FM announced that custom duty exemptions will be provided for the manufacturing of lithium-ion batteries, in a bid to promote green mobility.
"To avoid cascading of taxes on blended compressed natural gas, I propose to exempt excise duty on GST-paid compressed bio gas contained in it. To further provide impetus to green mobility, customs duty exemption is being extended to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles," Sitharam said.
It should be noted that today, EVs are touted as a potent arsenal to combat climate change. Currently, there are more than 14 lakh EVs plying on Indian roads, recording the highest adoption rate of over 4 per cent last year, against just 0.7 per cent in 2019. India envisages electrifying 70 per cent of commercial vehicles, 30 per cent of total passenger cars and 80 per cent of total 2Ws and 3Ws by 2030.
Meanwhile, electric vehicles (EVs) hogged the limelight during this year's edition of the Auto Expo with the likes of Kia, Maruti Suzuki, Tata Motors and Hyundai showcasing their futuristic products.
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