Budget 2024: Start-ups bat for GST cut on lithium-ion battery waste
Battery recycling startup Lohum expects the government to reduce the goods and services tax (GST) on waste lithium-ion batteries from 18% to 5%.
Battery recycling startup Lohum expects the government to reduce the goods and services tax (GST) on waste lithium-ion batteries from 18% to 5%.
Country takes steps to secure supplies of strategic lithium, cobalt, nickel, molybdenum, vanadium and light rare earth elements. But it promises to be a long and arduous journey.
EV projections show demand for these materials ranging from two to 12 times the current levels by 2030, depending on the mineral, with the largest growth rate for lithium.
China accounts for 58% of Lithium processing which is key to new battery solutions.