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The CBIC has recently made amendments to its Notification No. 11/2018-Customs, dated February 02, 2018, through Notification No. 20/2024-Customs dated March 15, 2024. This amendment exempts Social Welfare Surcharge (SWS) on Electric Vehicles (EVs) imported under the Ministry of Heavy Industries’ scheme aimed at promoting the manufacturing of electric passenger cars in India.

Under the powers conferred by the Customs Act, 1962, and the Finance Act, 2018, the Central Government has decided to introduce these amendments in the interest of the public. Specifically, the amendment includes the addition of a new item in the Table of the notification, marked as Sl. No. 57. This item pertains to all goods falling under heading 8703 and covers various sub-items related to the Ministry of Heavy Industries’ scheme for the promotion of electric passenger car manufacturing in India.

This exemption from Social Welfare Surcharge (SWS) on imported Electric Vehicles (EVs) is a significant step towards incentivizing the adoption of electric vehicles and promoting the growth of the electric vehicle industry in the country. These amendments aim to encourage manufacturers and consumers alike to contribute to the reduction of carbon emissions and the transition towards sustainable mobility solutions.

Source: https://taxinformation.cbic.gov.in/view-pdf/1010042/ENG/Notifications

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]]> https://www.nyca.in/cbic-exempts-sws-on-ev-imports-for-indian-electric-car-manufacturing-promotion/feed/ 0 India’s E-Vehicle Policy Aims to Boost EV Manufacturing and Technology Adoption https://www.nyca.in/indias-e-vehicle-policy-aims-to-boost-ev-manufacturing-and-technology-adoption/ https://www.nyca.in/indias-e-vehicle-policy-aims-to-boost-ev-manufacturing-and-technology-adoption/#respond Sat, 16 Mar 2024 05:34:06 +0000 https://www.nyca.in/?p=7542 The Indian government has given its nod to a strategic initiative aimed at positioning India as a premier manufacturing hub for electric vehicles (EVs), leveraging cutting-edge technology within the nation's borders.

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The Indian government has given its nod to a strategic initiative aimed at positioning India as a premier manufacturing hub for electric vehicles (EVs), leveraging cutting-edge technology within the nation’s borders. This policy seeks to attract investments from leading global EV manufacturers, fostering the production of state-of-the-art e-vehicles domestically.

The primary objective of this policy is to facilitate widespread access to the latest EV technology for Indian consumers while concurrently advancing the Make in India campaign. By stimulating the EV ecosystem, the policy aims to encourage healthy competition among EV manufacturers, resulting in increased production volumes, economies of scale, and reduced production costs. Moreover, it envisions a reduction in crude oil imports, trade deficits, and air pollution, particularly in urban areas, thereby benefiting public health and the environment.

Key features of the policy include:

  • Minimum Investment Requirement: An investment of at least Rs 4150 crore (approximately USD 500 million) is mandated.
  • No Maximum Investment Limit: There is no upper limit on the amount of investment.
  • Manufacturing Timeline: Manufacturers are required to set up production facilities in India within three years, commence commercial production of e-vehicles, and achieve a minimum domestic value addition (DVA) of 50% within five years.
  • Domestic Value Addition (DVA) Targets: Localization levels of 25% by the third year and 50% by the fifth year must be attained during manufacturing.
  • Customs Duty Incentives: A customs duty of 15% (as applicable to Completely Knocked Down units) would be levied on vehicles with a minimum CIF value of USD 35,000 and above for a maximum period of five years, provided that manufacturers establish manufacturing facilities in India within three years.
  • Import Limits: The total number of EV imports allowed would be capped, with the duty foregone limited to the investment made or Rs 6484 crore (equivalent to incentives under the PLI scheme), whichever is lower. Import quotas would be set at a maximum of 40,000 EVs, with an annual limit not exceeding 8,000 vehicles if the investment exceeds USD 800 million. Unused annual import limits may be carried over.
  • Bank Guarantee Requirement: Companies must provide a bank guarantee to support their investment commitments, with the guarantee being invoked in case of failure to meet DVA and minimum investment criteria.

This forward-thinking policy is poised to propel India’s EV sector into a new era of growth, innovation, and sustainability. Access to state-of-the-art EV technology, coupled with robust manufacturing infrastructure and supportive government policies, is expected to revolutionize the automotive industry landscape in India.

Access the full press release at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2014858

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