No GST cut for EV batteries to 5% as fitment committee rejects proposal, say sources

There will be no reduction in the goods and services tax (GST) rate on electric vehicles (EV) batteries as the GST Council’s fitment committee has rejected the industry’s proposal, sources told CNBC-TV18.The EV industry had sought a reduction of GST on batteries from 18% to 5%, however, the fitment committee has recommended maintaining a status quo on the rate. GST Council’s fitm…