Bengaluru, 11 March 2021 – Yulu today announced that as per ruling from the Karnataka Appellate Authority of Advance Ruling (AAAR) on Jan 13, 2021, GST rates will come down from 18 percent to 5 percent making rides on its Miracles even more affordable for end-users.
The Karnataka Appellate Authority of Advance Ruling (AAAR) set aside earlier advance ruling, holding that Yulu’s renting services, in light of amendment Notification No. 20/2019-CTR, should be classified under SAC 9973 (leasing services without operator) resulting in lower rates on its services from current 18% to 5% for its e-bikes ‘Miracles’ and 12% on Pedal bikes ‘Move’.
Amit Gupta, CEO and Co-founder of Yulu, said, “With the reduction in taxation, Yulu services will now become more affordable and hassle-free for short commute, first-mile & last-mile connectivity.”
Anuj Tewari, CFO Yulu, said, “The decision to reduce e-bike taxes is in line with our Prime Minister’s vision of a sustainable environment through the widespread use of electric vehicles which reduces congestion and pollution. This is a positive step forward because we believe this ruling will help us offer low- cost commute options to our users across India”
Micro-mobility is the need of the hour for metro cities in India as it promotes the usage of public transport such as Metro and buses by providing first and last-mile connectivity and discourages the use of private vehicles thus reducing congestion and pollution. Yulu’s all-electric fleet of its Micro-mobility vehicle – Miracle is contributing to the green future which India has committed to in the Paris Climate Change Agreement.
Amit Gupta further added-” We feel pride and privilege to be able to contribute to this National Mission which our Prime Minister has put special emphasis upon.”
About Yulu:Yulu is the leading shared micro-mobility service provider using electric two-wheelers to reduce traffic congestion and air pollution in urban India. Yulu’s mission is to create sustainable cities of tomorrow by revolutionizing the way people commute. Yulu’s technology-driven mobility platform uses IoT, ML, and AI for demand-supply management and efficient operations. Currently, Yulu is present in Bengaluru, New Delhi, Gurugram, Mumbai, Ahmedabad, Pune & Bhubaneswar. Yulu is committed to building the largest EV ecosystem of India to provide smart, shared and sustainable mobility solutions for the urban commute.