Okinawa Scooters, a 100% Indian electric two-wheeler manufacturing company with focus on ‘Make in India’ has announced that the prices of Okinawa range under Lead Acid has now reduced by Rs 2,500 – Rs 4,700 and in Li-ion range the cost has reduced by Rs 3,400 – Rs 8,600, following the government’s move to slash the Goods and Services Tax (GST) rate on electric vehicles to 5% from 12% earlier. The drop in prices clubbed with FAME II subsidy has made the on-road price of Made-in-India electric scooters much lower than its current pricing.
The government at 36th GST Council Meeting made a strong push for green modes of transport by slashing the GST rate on the cleaner vehicles from 12% to the lowest slab of 5%. Additionally, the council has also reduced GST rate on charger or charging stations for electric vehicles from 18 per cent to 5 per cent. These measures will be effective from August 1 onwards.
Mr. Jeetender Sharma, Founder & Managing Director, Okinawa Autotech Pvt. Ltd. said, “The Union budget gave a much-needed push to the EV industry and the GST rate cut is even more welcoming. The 7% GST reduction has reduced the upfront cost of buying Okinawa scooter by Rs2,500 – Rs 8,600. This coupled with FAME-II subsidies will take a significant chunk out of the acquisition price, making our range of scooters strong options for urban commuters.”