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Following UP’s tax waiver on hybrid cars, Karnataka aims to reduce levies and give financial incentives to firms in the clean mobility space, including significant cuts for hybrid vehicles. This is as per a report by Reuters, citing a state government document draft.
- Hybrids vehicles under Rs 25 lakh could see tax waiver
- Incentives of up to 25 percent planned for investment in EVs by stakeholders
Karnataka plans to do away with road tax and registration charges for hybrid cars priced below USD 30,000 (approximately Rs 25 lakh), versus 13 percent to 18 percent currently, as per the draft seen by the newswire. State road and registration taxes are charged on top of federal sales tax of 5 percent for EVs and up to 43 percent for hybrids.
As per the draft, the state also aims to bolster "clean mobility vehicle adoption", which encompasses EVs, some hybrids, and hydrogen-based vehicles. However, there is no deadline set to finalise and unveil the EV policy.
In addition, Karnataka aims to offer incentives ranging from 15 percent to 25 percent of the investment made by companies in fixed assets for EVs, such as land and machinery, whether for new factories or the expansion of existing ones. This will also apply to battery component makers and those who make EV charging gear. The incentive will vary as per the size of the investment and the number of employees, the draft read.
The state government has previously said it plans to raise up to 6 billion dollars from new investments through a clean mobility policy, but has not made any other details public. Reuters said it could not elicit an official response from the state's transport department.
Also See:
Toyota dealer sees 50 percent surge in hybrid sales post tax waiver in UP
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