New Delhi, January 24, 2023: Sharing his budget expectations, Siddharth Kabra, Co-Founder & CEO - VoltUp, said, "Battery swapping attracts 18% GST while EV has a GST of 5%. I wish the Hon'ble Finance Minister brings the battery swapping GST at par with EV to 5%. This will be a boon for the price sensitive 3 wheeler and 2-wheeler market and its users." He further added, "I hope the Hon'ble Finance Minister considers adding the battery swapping industry as a category to FAME policy to enable robust battery production in the country and give a boost to Atmanirbhar Bharat. As swapping requires a high deployment of batteries for being always available and a dense swapping network, start-ups should be able to claim benefits of FAME policies to make it far easier for the consumer."
A Battery-as-a-Service (BaaS) platform, VoltUp offers a one-stop solution for battery swapping of all electric 2&3 wheelers. Providing riders with smart swappable batteries, VoltUp ensures a nil downtime to the users and zero hassles for all battery related issues.