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The Indian government’s initiative to reduce GST on small cars might negatively impact the electric vehicle sector, potentially slowing the growth of the EV industry. HSBC Investment Research’s report emphasizes these concerns. If the government implements GST cuts on small cars, electric vehicle (EV) manufacturers could suffer. Reducing taxes on small cars could neutralize the current price advantage enjoyed by EVs, possibly hindering the EV sector’s growth. The government has proposed eliminating two GST slabs under the new system. The aim is to remove the 12 percent and 28 percent GST slabs.
