Electric vehicles are a much talked topic these days. The reason behind the new concept become popular is a number of benefits attached to the use of electronic vehicles.
Today we will discuss a number of reasons why the electric vehicles are becoming popular in India day by day.
Environmental and Health Benefits ;
The biggest source of pollution in India are the fuel based vehicles which are increasing day by day. To ensure a good quality of air it is very important that necessary steps are being taken for reducing the air pollutants.
The emissions from the vehicles are not only bad for the environment but for the health of human being also. Few long term effects of fuel based vehicles on human includes asthma, cancer and premature death.
As the World has already been hit by a respiratory disease in the form of COVID-19, it has become much important to take good care of our lungs in order to insure better health post covid.
Flexibility to charges;
Another benefit of electronics vehicles is that it can be charged anywhere like work, home and also while at store. Though the public charging locations are easily accessible it gives a flexibility of charging the same at the convenience of one.
Low financial burden in long run;
Although the purchase cost of an electric vehicle is much higher than a normal vehicle, the long run benefits of owning an eclectic vehicle will be much greater.
The running cost of an electronic vehicle is way lower than a normal fuel vehicle, the feasibility of the same has to be calculated depending upon the use and requirement of one.
For instance if one uses the vehicle once in a while and not in the regular course of business the financial feasibility may be lower on the part of electric vehicle since the high cost involved in purchase of electronic vehicle will be recovered over a period of time.
Government Incentives of purchase of electric vehicles;
Since the Government is in high favor of switching to the electronic vehicle, the Government of India’s Revenue Department has given incentives on purchase of electric vehicle.
(i) Exemption under Income Tax Act:
Section 80EEB provides an exemption on interest paid on loan taken for the purchase of electronic vehicle up to Rs. 1,50,000/-.This is to be noted here that no such exemption under any section of the Income Tax Act is available on purchase of any other type of vehicle for personal use.
(ii) Interest Subventions;
The discounted rate of interest is available on the purchase of electric vehicles.
(iii) Exemption from Road Tax;
The Government has waived off the road tax while purchase of electronic vehicles.
(iv) Exemption from Registration Fee;
The Government has waived of the one time registration fee which is required to be paid at the time of purchase of electric vehicles.