FinMin Is Not Considering Tax Breaks For Tesla: Revenue Secretary

‘At the moment, the Department of Revenue is not actively considering any duty relief for Tesla,’ says Sanjay Malhotra.

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According to Revenue Secretary Sanjay Malhotra, the Ministry of Finance is not contemplating any duty exemptions for Tesla Inc.

Tesla CEO Elon Musk stated last month that Indian Prime Minister Narendra Modi was pressuring the company to make a “significant investment” in the nation and that an announcement was due shortly.

Read More: Elon Musk’s New Startup, xAI, Is Going To Compete With OpenAI And Google: 7 Things To Know

Previously, negotiations between the US automaker and the Indian government focused on obtaining customs tax exemptions for importing its electric vehicles, which India refused.

“Any duty waiver for Tesla is not currently being actively considered by the Department of Revenue,” Malhotra told Reuters on Thursday.

Meanwhile, government sources told Business Today TV that billionaire Elon Musk’s famed business has made an initial petition to set up manufacturing facilities in India.

According to sources, the corporation plans to create a gigafactory with an annual capacity of roughly 500,000 electric vehicles.

Tesla intends to provide a diverse variety of electric vehicles as well as a robust charging infrastructure on a broad scale in India.

If Tesla’s goals are realized, it would become India’s third-largest vehicle maker after Maruti and Hyundai.

Earlier on Thursday, the Economic Times claimed that Tesla is considering a five-lakh-unit annual capacity and a starting price of Rs 20 lakh.

Axpert Media News Desk
Axpert Media News Desk
Axpert Media News Desk is an Internet media Website and our goal is to reach out People all over world with News, Informations & Entertainment. Ect, founder & ceo Krishnaanand

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