Budget EVs stay cheap, luxury EVs face GST hike under new plans
India may keep GST on budget EVs like Tata Nexon at 5%, but raise rates on luxury EVs, including Tesla, BMW, and Mercedes, to as high as 40%. Swappable batteries and hybrids could see tax cuts, making them cheaper. Analysts warn the shift may slow EV adoption, hurting Tata and Mahindra while boosting Maruti and Toyota.