Subsidies for electric two, three, and four wheelers has been revised to Rs 7, 048 crore, of which Rs 5,311 crore is for electric two-wheelers. An allocation of Rs 4,048 crore has been made for purchasing electric buses and setting up electric vehicle (EV) charging stations.
Budget 2024: The rapidly growing electric vehicle (EV) industry is expecting a reduction in the goods and services tax (GST) rate on components and an extension of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) subsidy scheme in the Budget 2024.
The government reportedly plans to initiate legal action against electric vehicle (EV) makers who fail to refund incentives wrongfully claimed under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) 2 scheme.
FAME II Violations: Companies may be debarred from availing subsidy under FAME-II and also return the subsidy availed on the sale of vehicles in the last 15 months