Budget 2023: Will EVs get cheaper as govt cuts customs duty on ion batteries?
The Union Budget 2023 has removed custom duty on capital goods/machinery for manufacture of lithium-ion cells for use in batteries of electrically operated vehicles (EVs). The move is said to help in reducing the cost of EVs in the country.
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in the parliament on February 01, 2023. The minister made a crucial announcement on the exemption on Customs duty on lithium-ion batteries.