Duty cut on lithium batteries will boost EVs
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New Delhi: Customs duty exemption on goods used to produce lithium batteries would enable creation of a robust electric vehicle infrastructure in the country, automobile industry body SIAM said on Sunday. Finance Minister Nirmala Sitharaman, while delivering Budget speech, proposed to extend the basic customs duty exemption given to capital goods used for manufacturing lithium-ion cells for batteries, to those used for manufacturing lithium-ion cells for battery energy storage systems too.
"Continued exemption of basic customs duty on capital goods used for manufacturing lithium-ion batteries, along with the extension of concessional duty benefits for lithium-ion cells and their parts used in manufacturing batteries for electric and hybrid vehicles for a further two years till March 2028.
