Here are items that will be cheaper from August 1, giving consumers relief

In a relief to Indian consumers,  Goods and Services Tax (GST) Council anunced on Saturday h slashed tax rates of electric vehicles and chargers, which will be applicable from August 1.

Here are some more things which will get cheaper from Thursday: 

Electric cars and chargers:

As per Council's statement, after its 36th meeting, tax rate on electric vehicles has been reduced from 12% to 5%, while on electric chargers tax rate has been reduced from 18% to 5%. Furrmore, Council has anunced that hiring of electric buses with a carrying capacity of more than 12 by local authorities will be me tax free. Electric charging stations too are covered in 5% tax slab, as stated by Council. This will make many electric car aspirants to finally go ahe and buy eco-friendly vehicle. 

This move has been in line with Finance Minister Nirmala Sitharaman's declaration during her maiden Budget speech. This reduction is aimed to meet India's carbon emission goal of reducing emissions intensity of country's gross domestic product (GDP) by 33-35% by 2030 while increasing number of renewable energy sources to meet 40% of country's electric power demand.

 In Union Budget 2019-20, government provided ditional income tax deduction of Rs 1.5 lakh on interest paid on loans taken to purchase EVs. Besides, customs duty has been exempted on certain parts of EVs to furr incentivise e-mobility in country.

GST Council Trims Rate On Electric Vehicles, Chargers To 5 Percent

SBI makes net-transactions free:

After release of RBI's monetary policy on July 12, anuncing removal of ditional transaction charges on National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement System(RTGS), SBI has decided to do away with charges levied on IMPS, NEFT, and RTGS. Thus people who do most transactions online using various payment apps can finally heave a sigh of relief.

move has been done by apex financial body in a bid to push digital transactions as shared by Finance minister, in her Budget Speech. Apart from net transactions, SBI has also cut interest rates on bulk and retail term deposits on Monday to lower credit on borrowing.

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(With PTI Inputs)