Oil Ministry proposes to reduction in GST on CNG vehicles
By MYBRANDBOOK
In a bid to help the government’s drive to popularise gas vehicles, the oil ministry has put forward a proposal of reducing the goods and services tax on compressed natural gas (CNG)-driven vehicles to 5% from the current 28%, which is at par with electric vehicles.
This could mean more than 20% reduction in prices of CNG vehicles.
As per news source, to make CNG vehicle more affordable, the ministry is asking for support from the finance ministry to cut GST rate.
Natural gas emits 25% less Co2 than petrol on every unit of energy produced.
The oil ministry now wants the purchase price of CNG vehicles to go down to encourage more customers to buy them. All vehicles, except EVs, attract 28% GST currently. The GST Council had in July cut the tax rate on EVs to 5% from 12%.
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