Haryana Government takes a step towards a Better Environment

The world today is taking steps towards sustainable development by moving towards Electronic Vehicles(EVs) to reduce carbon footprint, and to this the Haryana Government has made its own contribution.

On the 27^thof June the Haryana Government in a press conference approved the Haryana Electric Vehicle Policy, 2022, declaring 2022 as “The Year of Electric Vehicles”. They also plan to convert 100% of bus fleet owned by Haryana state into electric busses.

Through this the climate will definitely benefit, but let us take a look at the other benefits as well,

For ELECTRONIC VEHICLE MANUFACTURERS,

There will be 100% reimbursement of Stamp duty.
There will be an exemption in electricity duty for 20 years
SGST reimbursement shall be 50% of applicable Net SGST for a period of 10 years

For COMPANIES,

Companies manufacturing EV’s components of an EV, EV battery charging infrastructure, etc. shall be incentivized with Capital Subsidy.

For INDUSTRIES,

Mega Industries will get a subsidy a 20% of Fixed Capital Investment or ₹ 20 Cr., whichever is lower.
Large Industries will get a subsidy a 10% of Fixed Capital Investment or ₹10 Cr., whichever is lower.
Medium Industries will get a subsidy of 20% of Fixed Capital Investment or ₹50 Lakhs, whichever is lower
Small Industries will get a subsidy of 20% of Fixed Capital Investment or ₹40 Lakhs, whichever is lower.

For UNITS,

For units setting up batteries’ disposal units, will get a subsidy of 15% of the Fixed Capital Investment or ₹1 Cr., whichever is lower.

The Haryana Government has also provided for employment generation subsidy of ₹ 48000 per employee per annum for 10 years in lieu of Haryana domiciled manpower being employed with EV companies.

TAX BENEFITS

Consumers of electric vehicles can avail tax benefits on their vehicle loans under the recently added section known as 80EEB. Under the 80EEB, consumers of EVS opting for loans will be eligible for tax deductions up to ₹1.5 lakh on interest paid on the loan amount.

After seeing the benefits of the Haryana Electric Vehicle Policy, we hope that many assesses make use of them and the initiative of reducing carbon footprint spreads across the country and eventually across the globe.