The Finance Ministry, led by Nirmala Sitharaman, is unlikely to offer tax concessions to hybrid cars at the upcoming GST council meeting. This decision may benefit Indian auto manufacturers like Mahindra and Mahindra and Tata Motors, which are focusing on electric vehicles. The ministry does not support the reduction of goods and services tax (GST) on hybrid vehicles, despite the request from Road Transport Minister Nitin Gadkari. On the other hand, the electric vehicle market in India has seen significant growth, with over 1.7 million units sold in the fiscal year 2024, and electric two-wheelers accounting for over 55% of the sales.
Source A2ztaxcorp
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