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Odisha to form EV fund to incentivize electric vehicle purchases

As per the policy, vehicle registration fees and motor vehicle tax will be waived off during the stipulated period.

Published: 18th September 2021 09:14 AM  |   Last Updated: 18th September 2021 09:14 AM   |  A+A-

EV, electric car, electric vehicles

Representational Image. (File Photo)

By Express News Service

BHUBANESWAR: The State government will constitute an electric vehicle fund to extend incentives to buyers of electric vehicles (EVs). As envisaged in the Odisha Electric Vehicles Policy 2021 announced recently, incentives will be provided to buyers till 2025.

People buying two-wheelers will get an incentive of 15 per cent (pc) of the value of the vehicle subject to a maximum of Rs 5,000 while three-wheeler buyers will get an incentive of 15 pc up to a maximum of Rs 10,000. Similarly, people purchasing four-wheelers will get an incentive up to Rs 50,000. Electric bus owners will be provided an incentive of 10 pc up to Rs 4 lakh and Rs 30,000 for transport vehicles.

Besides, people buying electric vehicles for private use will get an interest subvention of 5 pc. As per the policy, vehicle registration fees and motor vehicle tax will be waived off during the stipulated period.“The firms manufacturing EVs will be 100 pc exempted from net State GST,” a release by the Transport department stated.



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