How to apply for an Electric Vehicle Subsidy?
E-mobility has brought out a new shining beacon in the transport industry. In India, the transport sector is accounted for about 18% of total energy consumption. In numeric terms, it accounts for about 94 million tonnes of oil equivalent energy. To meet the demand of this sector India will need an estimated 200 MTOE of energy supply annually. Recently this demand is met with the imported crude oil, thus making this sector vulnerable to the open violate industrial crude oil sector.
Co2 emission in India
The Indian government is committed to numerous summits including the Paris climate accord which aims at reducing the emission up to 33-35% by 2030. Keeping this in India the government has to find an alternative means of transport which can be harmonious to the Indian economic growth, rising urbanization, travel demand, and country’s economic security. The most viable solution to this problem can be Electric vehicles.
Electric vehicles to the nature
It will contribute to balancing energy demand, environmental adaptability, energy storage with enhanced energy security. Electric versatility accompanies zero or super low tailpipe discharges of neighbourhood air poisons and much lower commotion, and, by being one of the most creative bunches for the auto area, can give a significant lift to the financial and mechanical intensity, drawing in speculations, particularly in nations. Electric mobility sales are far behind in India standing at less than 1%. The public authority of India has attempted numerous drives to advance the assembling and reception of electric vehicles in India. With the help of the public authority, electric vehicles have begun infiltrating the Indian market. In any case, the accessibility of satisfactory Charging Infrastructure is one of the vital necessities for the sped-up reception of electric vehicles in India.
Subsidy for Electric vehicles
The prices of electric vehicles are high in comparison to ICE vehicles and the Indian government is bringing in efforts from top to toe to promote electric vehicles. The government is doing this by introducing subsidies in the market to attract people. These subsidies vary proportionally according to the following parameter.
1. Statewise distribution: Different states provide different subsidies.
2. New concessions of EV: Every sector is evolving and so is the EV sector. New models of EV are being launched every day and this makes people anxious as to which one is the “BEST.”
3. Criteria: The car you are thinking of buying should fall under the subsidies criteria.
How to apply?
1. The incentive will be provided to you by the showroom itself and that could a couple of months.
2. The showroom will send you an email for document verification with the given links.
3. Fill the Registered form and log in.
4. Fill in all the details of yourself and your car.
5. Submit all the documents including RC details.
6. After submission, you have to submit these details to the ministry as well.
7. Email and courier the documents to the ministry.
8. The list of documents required is an application, copy of pan/aadhar card, invoice, copy of RC book, copy of RTO registration certificate, cancelled cheque, undertaking, two stamp receipts( revenue stamp along with sign).
Central Government policies
With the introduction of the FAME scheme, the government has brought out new measures to promote EV. The department of heavy industry has changed the 2019 FAME slogan to the FAME-II scheme to offer 50% incentives on two-wheelers.
1. Subsidies for Two wheeler amounts to Rs. 40,000 with 1500 kWh battery capacity.
2. Subsidies for Four wheeler amounts to Rs. 1.5 lakh with 1000 kWh battery capacity.
3. Low GST of 5%, tax benefit up to 1.5 Lakh under section 80EEB of the IT act.
State Government policies
As this provision of giving subsidy only five states have until now signed up with the central government. These governments have even invested in EV adoption.
1. Delhi: A subsidy on two-wheelers with a battery capacity of 5000 kWh and Rs. 30,000 plus registration and road exemption fees. A subsidy on four-wheelers with a battery capacity of 10,000 kWh and Rs. 1.5 lakh plus registration and road exemption fees. These benefits are available only to the first 1000 EVs in Delhi.
2. Gujarat: A subsidy on two-wheelers with a battery capacity of 10,000 kWh and Rs. 30,000 plus registration and road exemption fees. A subsidy on four-wheelers with a battery capacity of 10,000 kWh and Rs. 1.5 lakh plus registration and road exemption fees. These benefits are given to 20,000 cars and 1.1 lakh electric two-wheelers.
3. Maharashtra: Rs 10,000 + Rs 15,000 early bird incentive + Rs 7,000 scrappage + Rs 12,000 other incentives + registration and road tax exemption. Subsidy for cars: Rs 1.50 lakh + Rs 25,000 scrappage + Rs 1 lakh early bird incentive + registration and road tax exemption.
4. Meghalaya: A subsidy on two-wheelers with a battery capacity of 10,000 kWh plus registration and road exemption fees. A subsidy on four-wheelers with a battery capacity of 4,000 kWh plus registration and road exemption fees. Meghalaya has extended benefits to 3,500 two-wheelers and 2,500 four-wheelers. The government has also offered lower electricity tariffs and free land to the government, public and private sectors.
5. Karnataka: The government is offering more concessions and subsidies for the EV component, manufacturing, battery swapping, and charging infrastructure.
The biggest challenge which the government has to overcome is, not all-electric vehicles are covered under the subsidy scheme. Along with it, heavy taxations are being imposed on electric vehicles. Also, there is a lack of charging infrastructure.
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