GST Council: PwC suggests petro-products' inclusion, lowering tax slabs
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Time of India
an hour ago
- Time of India
Volvo India's gear shift: Changes EV-only plan; ICE models to stay amid slow uptake
Volvo Cars India has revised its earlier strategy of transitioning to an all-electric portfolio, opting instead to continue selling both electric and internal combustion engine (ICE) vehicles in the country. Tired of too many ads? go ad free now currently account for around 25% of Volvo's sales in India. However, the market for premium battery electric vehicles (BEVs) remains small, although the company notes signs of recovery in the last six months following a slump a year ago. The decision comes after companies' previous claims to phase out ICE models entirely. Volvo Cars India, managing director Jyoti Malhotra, speaking to Economic Times, said 'The adoption rate (of electric vehicles) is different in different countries. And even within the country (in India), it's different across states.' 'We will continue to drive in electric cars and have a launch lined up later this year itself. But at the same time, we will continue to focus on ICE,' he added. Volvo had announced plans to go fully electric by 2030 globally, but the timelines have now been extended. 'About a year back, EVs had started losing steam. We are seeing some uptick in the segment in the last six months. But customer needs are different across regions,' said Malhotra. He pointed out that state policies and infrastructure play a pivotal role in EV adoption. States like Kerala, Maharashtra, and Delhi have favourable tax regimes and more low-rise housing, are seeing better uptake, compared to cities dominated by high-rises, where home charging is a challenge. India currently levies a Goods and Services Tax (GST) of 5% on EVs, while hybrids attract a much steeper 43%. Tired of too many ads? go ad free now Volvo offers plug-in hybrids in international markets, but Malhotra clarified that Indian launches would depend on more favourable tax regime. The company is preparing to introduce a new electric model later this year but will simultaneously retain focus on ICE vehicles to cater to diverse market needs. Volvo's shift aligns with similar moves by global peers such as Jaguar Land Rover and Mercedes-Benz, who are reassessing their timelines for a fully electric portfolio amid similar market realities. Industry data shows that around 22,900 luxury vehicles were sold in the first half of 2025, marking a modest 1.8% increase year-on-year. He also welcomed India's ongoing negotiations around Free Trade Agreements (FTAs), noting their potential to boost the auto sector. 'The UK FTA has set a benchmark. While the one with the EU is still some time away, free trade agreements are good for the economy,' he said.
Time of India
3 hours ago
- Time of India
Volvo shifts gears, to offer both EVs & ICE models in India
Volvo Cars will continue to introduce both electric and internal combustion engine (ICE) vehicles in India, pivoting its earlier strategy of going all-electric amid slow customer adoption of battery electric vehicles (BEVs). The Swedish luxury carmaker had last year said it will henceforth sell only electric vehicles in India in its bid to have an all-electric portfolio by the turn of the decade. Volvo's strategy mirrors those of other global car makers like Jaguar Land Rover, and Mercedes Benz who are revising plans to have an all-electric product range. Speaking to ET, Jyoti Malhotra, managing director at Volvo Cars India said, globally too while the company intends to go all electric, timelines have now been pushed beyond 2030. 'The adoption rate (of electric vehicles) is different in different countries. And even within the country (in India), it's different across states,' said Malhotra. He said government policies are crucial in deepening EV penetration in India, with states that have waived off road taxes seeing higher adoption rates among customers. 'We will continue to drive in electric cars and have a launch lined up later this year itself. But at the same time, we will continue to focus on ICE,' said Malhotra. EVs currently contribute about 25 per cent of Volvo's sales in India. The market for such eco-friendly luxury cars is however still small though it is growing, according to the company. 'About a year back, EVs had started losing steam. We are seeing some uptick in the segment in the last six months. But customer needs are different across regions,' said Malhotra. 'Home charging is extremely important for customer comfort when it comes to owning EVs. In cities, where there are high-rises, charging electric cars is challenging,' he said, adding Volvo is seeing stronger EV adoption in states like Kerala, Maharashtra, and Delhi where there are low-rises and state policies are conducive. He was speaking on the sidelines of the launch of the XC60 SUV model. Globally, Volvo does have plug-in hybrids in its portfolio, but Malhotra said the company will only consider launching them in India if the tax structures are more conducive. India currently levies a Goods and Services Tax (GST) rate of 5 per cent on EVs, and 43 per cent on hybrids. Overall, Malhotra said luxury car sales in India, which had been outpacing the broader car market in the last few years, slowed in the first half of 2025 as volatile stock markets, and mounting geopolitical tensions hit demand among the country's rich, aspirational buyers. He however added that Volvo is on track to meet its sales target for this calendar year though industry growth is likely to be muted. Per industry estimates, around 22,900 luxury cars were sold in the first half of 2025, a 1.8 per cent rise from a year earlier. Separately, Malhotra termed free trade agreements being inked or negotiated by the Indian government as a step in the right direction, which will help to grow the auto industry in the long run. 'The UK FTA has set a benchmark. While the one with the EU is still some time away, free trade agreements are good for the economy. India is seen as a market with growth potential. If any company were to invest in India today, they will only consider the scale available in the market here. With FTAs, the scale changes immediately as they open up access to many more markets globally,' he said, adding Volvo can also explore possibilities for expanding its footprint in India once the EU trade deal is finalised.
Hindustan Times
3 hours ago
- Hindustan Times
Punjab's GST collection in July logs 32% jump
Finance, planning, excise and taxation minister Harpal Singh Cheema on Friday claimed that the state had once again broken records in tax revenue growth, with the Goods and Services Tax (GST) collection registering a net growth of 32.08% in July 2025 compared to the same period last year. Punjab finance minister Harpal Singh (HT) He said for the last three years, the state had been setting record-breaking growth in tax revenue year-on-year and month-on-month. In a press statement, the finance minister highlighted that the net GST revenue collected in July 2025 was ₹2,357.78 crore, a substantial increase of ₹572.71 crore compared to the ₹1,785.07 crore collected in July 2024. He further shared that up to July of the current financial year, net GST revenue had reached ₹9,188.18 crore, marking an increase of ₹2,025.36 crore over the ₹7,162.82 crore collected during the same period in the 2024-25 fiscal year. Cheema attributed this growth to the policies implemented by the Aam Aadmi Party-led Punjab government, which he claimed had fostered a conducive business environment and encouraged tax compliance. He said the department's enforcement actions had also curbed tax evasion, with a focus on providing assistance to honest taxpayers. Cheema revealed that the State Investigation and Preventive Unit (SIPU) recovered ₹156.40 crore in penalties during the first quarter of FY 2025-26. This includes ₹57.43 crore from road checks and ₹98.97 crore from inspections and verifications. Further, SIPU uncovered two significant GST fraud cases, involving ₹2,620.80 crore in fake transactions and estimated tax evasion of ₹296.32 crore, leading to two FIRs in June 2025. The finance minister said the Punjab government's proactive measures had positioned the state among the top performers in tax mobilisation, despite many challenges. He said the state's GST collection growth rate had consistently surpassed the national average, reflecting the effectiveness of the government's policies and initiatives.
