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Additional tax deduction of ₹1.5 lakh on interest paid on loans for EV

In the Union Budget, Finance Minister Nirmala Sitharaman announced that to make electric vehicles (EVs) affordable for consumers, the government will provide additional income tax deduction of ₹1.5 lakh on the interest paid on the loans taken to purchase them. The government also approached GST Council to lower the GST rate on EVs from 12% to 5%, she added.

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