In Budget 2023, finance mister of India, Nirmala Sitharaman announced on Wednesday that the custom duty on lithium-ion battery cells has been slashed and the companies like Ola electric, Reliance Industries, and Rajesh Exports are shortlisted by the government to avail of the RS. 18,000 Crore Production-Linked incentive scheme to build a li-ion battery that powers EVs domestically, domestic manufacturing of li-ion batteries will also reduce the price of EVs, as per the media report.
Finance mister, Nirmala Sitharaman announced on Union Budget 2023 that custom duty on Lithium-ion cell batteries has been slashed from 21% to 13%, and the customs duty rebate capital goods and Machinery required in building lithium-ion battery cells in EVs. this will reduce the price of EVs and make them cheaper.
As you know that Lithium-ion batteries are used in wireless headphones, handled power tools, small and large appliances, electric vehicles and toys, and electrical energy storage systems.
many giant EV players also show their interest in custom duty slashed:
Like, Tushar Garg, Chief business officer, CO-founder of EV cab company said that the budget does not affect directly the business in any manner but welcome the government to rebate the custom duty on li-ion battery cell, it expects that it will reduce the EV price in India.
Like, Log9, MD, and Co-founder Pankaj Sharma, ” In India, there are no equipment manufacturers so we are all importing components from Germany, China among other countries.”
Is any exempt from lithium-ion batteries?
Finance mister, Nirmala Sitharaman announced on Union Budget 2023 that custom duty on Lithium-ion cell batteries has been slashed from 21% to 13%, and the customs duty rebate capital goods and Machinery required in building lithium-ion battery cells in EVs. this will reduce the price of EVs and make them cheaper.
What is the custom duty on lithium-ion batteries in India?
13% of customs duty on lithium-ion batteries in India
officially revealed in budget 2023 :
Custom Duty On lithium batteries is slashed from 21% to 13%
In Budget 2023, finance mister of India, Nirmala Sitharaman announced on Wednesday that the custom duty on lithium-ion battery cells has been slashed and the companies like Ola electric, Reliance Industries, and Rajesh Exports are shortlisted by the government to avail of the RS. 18,000 Crore Production-Linked incentive scheme to build a li-ion battery that powers EVs domestically, domestic manufacturing of li-ion batteries will also reduce the price of EVs, as per the media report.
URL: https://www.india.com/
Author: admin
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