GST for the central government to increase the additional tax on luxury cars and luxury cars to 25% The Council has recommended. This will increase the price of the cars.
In our country, last month, the GST( The goods and services) have come to the taxation practice. Under this system, the maximum tax rate for cars is 28%.
Central and state governments share this tax.
The Central and state governments want to increase the additional tax (CES), which is being imposed on them.
In this case, the GST is implementing the Freight and Service Taxation System. The 20th meeting of the council was held in Delhi on the last 5th.
The meeting was decided to recommend the central government to increase the additional tax on luxury cars and luxury cars from 25 per cent to 15 per cent.
In a Twitter report released by the Finance Ministry, “The GST has been designed to increase the additional tax on motor vehicles from 15 per cent to 25 per cent. GST for Central Government to make necessary amendments in section 8 of the Compensation for States (Compensation for States) The Council has recommended. ”
The number of these vehicles under the section 8702 and 8703.
The cars under these sections will be more than ten cars, including mid-range cars, large cars, SUVs. But only about 13 people will be able to carry it.
Additionally, the medium-sized hybrid vehicles with 1500 cc engine will be comprising of hybrid vehicles and 1500 cc.
Currently GST 28 per cent, additional tax at 15 per cent, and 43 per cent tax for luxury cars and luxury cars.
GST Govt accepts the recommendation of the Council If the central government raises the additional tax rate by 25% to the required amendment in the Compensation Act, such cars will have to pay 53% tax. That is why the prices of these cars will rise.