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GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
The cess on sports utility vehicles and luxury cars is likely to be enlargened to twenty five percent from the current fifteen percent, making these vehicles more expensive, according to media reports. The Goods and Services Tax (GST) Council has taken a decision to this effect but has not discussed this yet, the reports said. The increase in the cess will take the effective tax rate on these cars to fifty three percent.
A report in the Mint newspaper said the Council did take up the the proposal on Saturday as there were other issues that had to be discussed. It will be discussed at the nine September meeting, the report said.
However, a report in The Economic Times said an instantaneous increase in rates is not likely as the compensation law requires to be amended before it becomes effective.
Honda cut prices of CR-V. Reuters
The automobile industry has been one of the largest beneficiaries of the GST rollout from one July as the tax incidence on cars and motorbikes had declined sharply, prompting the companies to reduce prices.
Under the GST rates, cars attract the top rate of twenty eight percent with a cess in the range of one to fifteen percent on top of it.
While puny petrol cars with engine less than 1,200 cc will attract one percent cess, that with a diesel engine of less than 1,500 cc will attract three percent cess.
Large cars with engine greater than 1,500 cc and sports utility vehicles (SUVs) with length more than four metres and engine greater than 1,500 cc will attract cess of fifteen percent over and above peak rate of twenty eight percent.
Hybrid vehicles will also fall in the category under GST. In comparison, tax on electrical vehicles has been kept at twelve percent. At present hybrid vehicles attract excise duty of 12.Five percent, similar to the ones on entry level petite cars such as Tata Nano or Maruti Alto.
Earlier, the tax incidence on cars ranged inbetween twenty eight percent and forty five percent. Under GST, the maximum rate is forty three percent.
While Toyota cut the prices of all fresh Fortuner by up to Rs Two.17 lakh and Innova Crysta by up to Rs 98,500, Honda slashed the prices of its premium SUV CR-V by up to Rs 1,31,663. Meantime, Ford’s flagship SUV Endeavour became cheaper by up to Rs three lakh (in Mumbai) and its compact SUV Ecosport by up to Rs 8,000.
Among luxury brands, BMW cut prices ranging from Rs 70,000 on base end version of X1 to Rs 1.8 lakh on the top end of its sedan seven series and Jaguar Land Rover by an average by seven percent.
Published Date: Aug 07, two thousand seventeen 01:50 pm | Updated Date: Aug 07, two thousand seventeen 01:50 pm
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
The cess on sports utility vehicles and luxury cars is likely to be enhanced to twenty five percent from the current fifteen percent, making these vehicles more expensive, according to media reports. The Goods and Services Tax (GST) Council has taken a decision to this effect but has not discussed this yet, the reports said. The increase in the cess will take the effective tax rate on these cars to fifty three percent.
A report in the Mint newspaper said the Council did take up the the proposal on Saturday as there were other issues that had to be discussed. It will be discussed at the nine September meeting, the report said.
However, a report in The Economic Times said an instant increase in rates is not likely as the compensation law requires to be amended before it becomes effective.
Honda cut prices of CR-V. Reuters
The automobile industry has been one of the thickest beneficiaries of the GST rollout from one July as the tax incidence on cars and motorbikes had declined sharply, prompting the companies to reduce prices.
Under the GST rates, cars attract the top rate of twenty eight percent with a cess in the range of one to fifteen percent on top of it.
While petite petrol cars with engine less than 1,200 cc will attract one percent cess, that with a diesel engine of less than 1,500 cc will attract three percent cess.
Large cars with engine greater than 1,500 cc and sports utility vehicles (SUVs) with length more than four metres and engine greater than 1,500 cc will attract cess of fifteen percent over and above peak rate of twenty eight percent.
Hybrid vehicles will also fall in the category under GST. In comparison, tax on electrical vehicles has been kept at twelve percent. At present hybrid vehicles attract excise duty of 12.Five percent, similar to the ones on entry level petite cars such as Tata Nano or Maruti Alto.
Earlier, the tax incidence on cars ranged inbetween twenty eight percent and forty five percent. Under GST, the maximum rate is forty three percent.
While Toyota cut the prices of all fresh Fortuner by up to Rs Two.17 lakh and Innova Crysta by up to Rs 98,500, Honda slashed the prices of its premium SUV CR-V by up to Rs 1,31,663. Meantime, Ford’s flagship SUV Endeavour became cheaper by up to Rs three lakh (in Mumbai) and its compact SUV Ecosport by up to Rs 8,000.
Among luxury brands, BMW cut prices ranging from Rs 70,000 on base end version of X1 to Rs 1.8 lakh on the top end of its sedan seven series and Jaguar Land Rover by an average by seven percent.
Published Date: Aug 07, two thousand seventeen 01:50 pm | Updated Date: Aug 07, two thousand seventeen 01:50 pm
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
The cess on sports utility vehicles and luxury cars is likely to be enlargened to twenty five percent from the current fifteen percent, making these vehicles more expensive, according to media reports. The Goods and Services Tax (GST) Council has taken a decision to this effect but has not discussed this yet, the reports said. The increase in the cess will take the effective tax rate on these cars to fifty three percent.
A report in the Mint newspaper said the Council did take up the the proposal on Saturday as there were other issues that had to be discussed. It will be discussed at the nine September meeting, the report said.
However, a report in The Economic Times said an instantaneous increase in rates is not likely as the compensation law requires to be amended before it becomes effective.
Honda cut prices of CR-V. Reuters
The automobile industry has been one of the thickest beneficiaries of the GST rollout from one July as the tax incidence on cars and motorbikes had declined sharply, prompting the companies to reduce prices.
Under the GST rates, cars attract the top rate of twenty eight percent with a cess in the range of one to fifteen percent on top of it.
While puny petrol cars with engine less than 1,200 cc will attract one percent cess, that with a diesel engine of less than 1,500 cc will attract three percent cess.
Large cars with engine greater than 1,500 cc and sports utility vehicles (SUVs) with length more than four metres and engine greater than 1,500 cc will attract cess of fifteen percent over and above peak rate of twenty eight percent.
Hybrid vehicles will also fall in the category under GST. In comparison, tax on electrified vehicles has been kept at twelve percent. At present hybrid vehicles attract excise duty of 12.Five percent, similar to the ones on entry level petite cars such as Tata Nano or Maruti Alto.
Earlier, the tax incidence on cars ranged inbetween twenty eight percent and forty five percent. Under GST, the maximum rate is forty three percent.
While Toyota cut the prices of all fresh Fortuner by up to Rs Two.17 lakh and Innova Crysta by up to Rs 98,500, Honda slashed the prices of its premium SUV CR-V by up to Rs 1,31,663. Meantime, Ford’s flagship SUV Endeavour became cheaper by up to Rs three lakh (in Mumbai) and its compact SUV Ecosport by up to Rs 8,000.
Among luxury brands, BMW cut prices ranging from Rs 70,000 on base end version of X1 to Rs 1.8 lakh on the top end of its sedan seven series and Jaguar Land Rover by an average by seven percent.
Published Date: Aug 07, two thousand seventeen 01:50 pm | Updated Date: Aug 07, two thousand seventeen 01:50 pm
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
The cess on sports utility vehicles and luxury cars is likely to be enlargened to twenty five percent from the current fifteen percent, making these vehicles more expensive, according to media reports. The Goods and Services Tax (GST) Council has taken a decision to this effect but has not discussed this yet, the reports said. The increase in the cess will take the effective tax rate on these cars to fifty three percent.
A report in the Mint newspaper said the Council did take up the the proposal on Saturday as there were other issues that had to be discussed. It will be discussed at the nine September meeting, the report said.
However, a report in The Economic Times said an instant increase in rates is not likely as the compensation law requires to be amended before it becomes effective.
Honda cut prices of CR-V. Reuters
The automobile industry has been one of the fattest beneficiaries of the GST rollout from one July as the tax incidence on cars and motorbikes had declined sharply, prompting the companies to reduce prices.
Under the GST rates, cars attract the top rate of twenty eight percent with a cess in the range of one to fifteen percent on top of it.
While petite petrol cars with engine less than 1,200 cc will attract one percent cess, that with a diesel engine of less than 1,500 cc will attract three percent cess.
Large cars with engine greater than 1,500 cc and sports utility vehicles (SUVs) with length more than four metres and engine greater than 1,500 cc will attract cess of fifteen percent over and above peak rate of twenty eight percent.
Hybrid vehicles will also fall in the category under GST. In comparison, tax on electrical vehicles has been kept at twelve percent. At present hybrid vehicles attract excise duty of 12.Five percent, similar to the ones on entry level petite cars such as Tata Nano or Maruti Alto.
Earlier, the tax incidence on cars ranged inbetween twenty eight percent and forty five percent. Under GST, the maximum rate is forty three percent.
While Toyota cut the prices of all fresh Fortuner by up to Rs Two.17 lakh and Innova Crysta by up to Rs 98,500, Honda slashed the prices of its premium SUV CR-V by up to Rs 1,31,663. Meantime, Ford’s flagship SUV Endeavour became cheaper by up to Rs three lakh (in Mumbai) and its compact SUV Ecosport by up to Rs 8,000.
Among luxury brands, BMW cut prices ranging from Rs 70,000 on base end version of X1 to Rs 1.8 lakh on the top end of its sedan seven series and Jaguar Land Rover by an average by seven percent.
Published Date: Aug 07, two thousand seventeen 01:50 pm | Updated Date: Aug 07, two thousand seventeen 01:50 pm
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
The cess on sports utility vehicles and luxury cars is likely to be enlargened to twenty five percent from the current fifteen percent, making these vehicles more expensive, according to media reports. The Goods and Services Tax (GST) Council has taken a decision to this effect but has not discussed this yet, the reports said. The increase in the cess will take the effective tax rate on these cars to fifty three percent.
A report in the Mint newspaper said the Council did take up the the proposal on Saturday as there were other issues that had to be discussed. It will be discussed at the nine September meeting, the report said.
However, a report in The Economic Times said an instant increase in rates is not likely as the compensation law requires to be amended before it becomes effective.
Honda cut prices of CR-V. Reuters
The automobile industry has been one of the largest beneficiaries of the GST rollout from one July as the tax incidence on cars and motorbikes had declined sharply, prompting the companies to reduce prices.
Under the GST rates, cars attract the top rate of twenty eight percent with a cess in the range of one to fifteen percent on top of it.
While petite petrol cars with engine less than 1,200 cc will attract one percent cess, that with a diesel engine of less than 1,500 cc will attract three percent cess.
Large cars with engine greater than 1,500 cc and sports utility vehicles (SUVs) with length more than four metres and engine greater than 1,500 cc will attract cess of fifteen percent over and above peak rate of twenty eight percent.
Hybrid vehicles will also fall in the category under GST. In comparison, tax on electrified vehicles has been kept at twelve percent. At present hybrid vehicles attract excise duty of 12.Five percent, similar to the ones on entry level puny cars such as Tata Nano or Maruti Alto.
Earlier, the tax incidence on cars ranged inbetween twenty eight percent and forty five percent. Under GST, the maximum rate is forty three percent.
While Toyota cut the prices of all fresh Fortuner by up to Rs Two.17 lakh and Innova Crysta by up to Rs 98,500, Honda slashed the prices of its premium SUV CR-V by up to Rs 1,31,663. Meantime, Ford’s flagship SUV Endeavour became cheaper by up to Rs three lakh (in Mumbai) and its compact SUV Ecosport by up to Rs 8,000.
Among luxury brands, BMW cut prices ranging from Rs 70,000 on base end version of X1 to Rs 1.8 lakh on the top end of its sedan seven series and Jaguar Land Rover by an average by seven percent.
Published Date: Aug 07, two thousand seventeen 01:50 pm | Updated Date: Aug 07, two thousand seventeen 01:50 pm
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
The cess on sports utility vehicles and luxury cars is likely to be enlargened to twenty five percent from the current fifteen percent, making these vehicles more expensive, according to media reports. The Goods and Services Tax (GST) Council has taken a decision to this effect but has not discussed this yet, the reports said. The increase in the cess will take the effective tax rate on these cars to fifty three percent.
A report in the Mint newspaper said the Council did take up the the proposal on Saturday as there were other issues that had to be discussed. It will be discussed at the nine September meeting, the report said.
However, a report in The Economic Times said an instantaneous increase in rates is not likely as the compensation law requires to be amended before it becomes effective.
Honda cut prices of CR-V. Reuters
The automobile industry has been one of the largest beneficiaries of the GST rollout from one July as the tax incidence on cars and motorbikes had declined sharply, prompting the companies to reduce prices.
Under the GST rates, cars attract the top rate of twenty eight percent with a cess in the range of one to fifteen percent on top of it.
While petite petrol cars with engine less than 1,200 cc will attract one percent cess, that with a diesel engine of less than 1,500 cc will attract three percent cess.
Large cars with engine greater than 1,500 cc and sports utility vehicles (SUVs) with length more than four metres and engine greater than 1,500 cc will attract cess of fifteen percent over and above peak rate of twenty eight percent.
Hybrid vehicles will also fall in the category under GST. In comparison, tax on electrical vehicles has been kept at twelve percent. At present hybrid vehicles attract excise duty of 12.Five percent, similar to the ones on entry level puny cars such as Tata Nano or Maruti Alto.
Earlier, the tax incidence on cars ranged inbetween twenty eight percent and forty five percent. Under GST, the maximum rate is forty three percent.
While Toyota cut the prices of all fresh Fortuner by up to Rs Two.17 lakh and Innova Crysta by up to Rs 98,500, Honda slashed the prices of its premium SUV CR-V by up to Rs 1,31,663. Meantime, Ford’s flagship SUV Endeavour became cheaper by up to Rs three lakh (in Mumbai) and its compact SUV Ecosport by up to Rs 8,000.
Among luxury brands, BMW cut prices ranging from Rs 70,000 on base end version of X1 to Rs 1.8 lakh on the top end of its sedan seven series and Jaguar Land Rover by an average by seven percent.
Published Date: Aug 07, two thousand seventeen 01:50 pm | Updated Date: Aug 07, two thousand seventeen 01:50 pm
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
The cess on sports utility vehicles and luxury cars is likely to be enlargened to twenty five percent from the current fifteen percent, making these vehicles more expensive, according to media reports. The Goods and Services Tax (GST) Council has taken a decision to this effect but has not discussed this yet, the reports said. The increase in the cess will take the effective tax rate on these cars to fifty three percent.
A report in the Mint newspaper said the Council did take up the the proposal on Saturday as there were other issues that had to be discussed. It will be discussed at the nine September meeting, the report said.
However, a report in The Economic Times said an instantaneous increase in rates is not likely as the compensation law requires to be amended before it becomes effective.
Honda cut prices of CR-V. Reuters
The automobile industry has been one of the fattest beneficiaries of the GST rollout from one July as the tax incidence on cars and motorbikes had declined sharply, prompting the companies to reduce prices.
Under the GST rates, cars attract the top rate of twenty eight percent with a cess in the range of one to fifteen percent on top of it.
While puny petrol cars with engine less than 1,200 cc will attract one percent cess, that with a diesel engine of less than 1,500 cc will attract three percent cess.
Large cars with engine greater than 1,500 cc and sports utility vehicles (SUVs) with length more than four metres and engine greater than 1,500 cc will attract cess of fifteen percent over and above peak rate of twenty eight percent.
Hybrid vehicles will also fall in the category under GST. In comparison, tax on electrical vehicles has been kept at twelve percent. At present hybrid vehicles attract excise duty of 12.Five percent, similar to the ones on entry level puny cars such as Tata Nano or Maruti Alto.
Earlier, the tax incidence on cars ranged inbetween twenty eight percent and forty five percent. Under GST, the maximum rate is forty three percent.
While Toyota cut the prices of all fresh Fortuner by up to Rs Two.17 lakh and Innova Crysta by up to Rs 98,500, Honda slashed the prices of its premium SUV CR-V by up to Rs 1,31,663. Meantime, Ford’s flagship SUV Endeavour became cheaper by up to Rs three lakh (in Mumbai) and its compact SUV Ecosport by up to Rs 8,000.
Among luxury brands, BMW cut prices ranging from Rs 70,000 on base end version of X1 to Rs 1.8 lakh on the top end of its sedan seven series and Jaguar Land Rover by an average by seven percent.
Published Date: Aug 07, two thousand seventeen 01:50 pm | Updated Date: Aug 07, two thousand seventeen 01:50 pm
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
The cess on sports utility vehicles and luxury cars is likely to be enlargened to twenty five percent from the current fifteen percent, making these vehicles more expensive, according to media reports. The Goods and Services Tax (GST) Council has taken a decision to this effect but has not discussed this yet, the reports said. The increase in the cess will take the effective tax rate on these cars to fifty three percent.
A report in the Mint newspaper said the Council did take up the the proposal on Saturday as there were other issues that had to be discussed. It will be discussed at the nine September meeting, the report said.
However, a report in The Economic Times said an instant increase in rates is not likely as the compensation law requires to be amended before it becomes effective.
Honda cut prices of CR-V. Reuters
The automobile industry has been one of the largest beneficiaries of the GST rollout from one July as the tax incidence on cars and motorbikes had declined sharply, prompting the companies to reduce prices.
Under the GST rates, cars attract the top rate of twenty eight percent with a cess in the range of one to fifteen percent on top of it.
While petite petrol cars with engine less than 1,200 cc will attract one percent cess, that with a diesel engine of less than 1,500 cc will attract three percent cess.
Large cars with engine greater than 1,500 cc and sports utility vehicles (SUVs) with length more than four metres and engine greater than 1,500 cc will attract cess of fifteen percent over and above peak rate of twenty eight percent.
Hybrid vehicles will also fall in the category under GST. In comparison, tax on electrical vehicles has been kept at twelve percent. At present hybrid vehicles attract excise duty of 12.Five percent, similar to the ones on entry level puny cars such as Tata Nano or Maruti Alto.
Earlier, the tax incidence on cars ranged inbetween twenty eight percent and forty five percent. Under GST, the maximum rate is forty three percent.
While Toyota cut the prices of all fresh Fortuner by up to Rs Two.17 lakh and Innova Crysta by up to Rs 98,500, Honda slashed the prices of its premium SUV CR-V by up to Rs 1,31,663. Meantime, Ford’s flagship SUV Endeavour became cheaper by up to Rs three lakh (in Mumbai) and its compact SUV Ecosport by up to Rs 8,000.
Among luxury brands, BMW cut prices ranging from Rs 70,000 on base end version of X1 to Rs 1.8 lakh on the top end of its sedan seven series and Jaguar Land Rover by an average by seven percent.
Published Date: Aug 07, two thousand seventeen 01:50 pm | Updated Date: Aug 07, two thousand seventeen 01:50 pm
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
The cess on sports utility vehicles and luxury cars is likely to be enhanced to twenty five percent from the current fifteen percent, making these vehicles more expensive, according to media reports. The Goods and Services Tax (GST) Council has taken a decision to this effect but has not discussed this yet, the reports said. The increase in the cess will take the effective tax rate on these cars to fifty three percent.
A report in the Mint newspaper said the Council did take up the the proposal on Saturday as there were other issues that had to be discussed. It will be discussed at the nine September meeting, the report said.
However, a report in The Economic Times said an instantaneous increase in rates is not likely as the compensation law requires to be amended before it becomes effective.
Honda cut prices of CR-V. Reuters
The automobile industry has been one of the largest beneficiaries of the GST rollout from one July as the tax incidence on cars and motorbikes had declined sharply, prompting the companies to reduce prices.
Under the GST rates, cars attract the top rate of twenty eight percent with a cess in the range of one to fifteen percent on top of it.
While puny petrol cars with engine less than 1,200 cc will attract one percent cess, that with a diesel engine of less than 1,500 cc will attract three percent cess.
Large cars with engine greater than 1,500 cc and sports utility vehicles (SUVs) with length more than four metres and engine greater than 1,500 cc will attract cess of fifteen percent over and above peak rate of twenty eight percent.
Hybrid vehicles will also fall in the category under GST. In comparison, tax on electrical vehicles has been kept at twelve percent. At present hybrid vehicles attract excise duty of 12.Five percent, similar to the ones on entry level petite cars such as Tata Nano or Maruti Alto.
Earlier, the tax incidence on cars ranged inbetween twenty eight percent and forty five percent. Under GST, the maximum rate is forty three percent.
While Toyota cut the prices of all fresh Fortuner by up to Rs Two.17 lakh and Innova Crysta by up to Rs 98,500, Honda slashed the prices of its premium SUV CR-V by up to Rs 1,31,663. Meantime, Ford’s flagship SUV Endeavour became cheaper by up to Rs three lakh (in Mumbai) and its compact SUV Ecosport by up to Rs 8,000.
Among luxury brands, BMW cut prices ranging from Rs 70,000 on base end version of X1 to Rs 1.8 lakh on the top end of its sedan seven series and Jaguar Land Rover by an average by seven percent.
Published Date: Aug 07, two thousand seventeen 01:50 pm | Updated Date: Aug 07, two thousand seventeen 01:50 pm
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
The cess on sports utility vehicles and luxury cars is likely to be enhanced to twenty five percent from the current fifteen percent, making these vehicles more expensive, according to media reports. The Goods and Services Tax (GST) Council has taken a decision to this effect but has not discussed this yet, the reports said. The increase in the cess will take the effective tax rate on these cars to fifty three percent.
A report in the Mint newspaper said the Council did take up the the proposal on Saturday as there were other issues that had to be discussed. It will be discussed at the nine September meeting, the report said.
However, a report in The Economic Times said an instant increase in rates is not likely as the compensation law requires to be amended before it becomes effective.
Honda cut prices of CR-V. Reuters
The automobile industry has been one of the thickest beneficiaries of the GST rollout from one July as the tax incidence on cars and motorbikes had declined sharply, prompting the companies to reduce prices.
Under the GST rates, cars attract the top rate of twenty eight percent with a cess in the range of one to fifteen percent on top of it.
While puny petrol cars with engine less than 1,200 cc will attract one percent cess, that with a diesel engine of less than 1,500 cc will attract three percent cess.
Large cars with engine greater than 1,500 cc and sports utility vehicles (SUVs) with length more than four metres and engine greater than 1,500 cc will attract cess of fifteen percent over and above peak rate of twenty eight percent.
Hybrid vehicles will also fall in the category under GST. In comparison, tax on electrified vehicles has been kept at twelve percent. At present hybrid vehicles attract excise duty of 12.Five percent, similar to the ones on entry level petite cars such as Tata Nano or Maruti Alto.
Earlier, the tax incidence on cars ranged inbetween twenty eight percent and forty five percent. Under GST, the maximum rate is forty three percent.
While Toyota cut the prices of all fresh Fortuner by up to Rs Two.17 lakh and Innova Crysta by up to Rs 98,500, Honda slashed the prices of its premium SUV CR-V by up to Rs 1,31,663. Meantime, Ford’s flagship SUV Endeavour became cheaper by up to Rs three lakh (in Mumbai) and its compact SUV Ecosport by up to Rs 8,000.
Among luxury brands, BMW cut prices ranging from Rs 70,000 on base end version of X1 to Rs 1.8 lakh on the top end of its sedan seven series and Jaguar Land Rover by an average by seven percent.
Published Date: Aug 07, two thousand seventeen 01:50 pm | Updated Date: Aug 07, two thousand seventeen 01:50 pm
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
The cess on sports utility vehicles and luxury cars is likely to be enhanced to twenty five percent from the current fifteen percent, making these vehicles more expensive, according to media reports. The Goods and Services Tax (GST) Council has taken a decision to this effect but has not discussed this yet, the reports said. The increase in the cess will take the effective tax rate on these cars to fifty three percent.
A report in the Mint newspaper said the Council did take up the the proposal on Saturday as there were other issues that had to be discussed. It will be discussed at the nine September meeting, the report said.
However, a report in The Economic Times said an instantaneous increase in rates is not likely as the compensation law requires to be amended before it becomes effective.
Honda cut prices of CR-V. Reuters
The automobile industry has been one of the largest beneficiaries of the GST rollout from one July as the tax incidence on cars and motorbikes had declined sharply, prompting the companies to reduce prices.
Under the GST rates, cars attract the top rate of twenty eight percent with a cess in the range of one to fifteen percent on top of it.
While petite petrol cars with engine less than 1,200 cc will attract one percent cess, that with a diesel engine of less than 1,500 cc will attract three percent cess.
Large cars with engine greater than 1,500 cc and sports utility vehicles (SUVs) with length more than four metres and engine greater than 1,500 cc will attract cess of fifteen percent over and above peak rate of twenty eight percent.
Hybrid vehicles will also fall in the category under GST. In comparison, tax on electrified vehicles has been kept at twelve percent. At present hybrid vehicles attract excise duty of 12.Five percent, similar to the ones on entry level petite cars such as Tata Nano or Maruti Alto.
Earlier, the tax incidence on cars ranged inbetween twenty eight percent and forty five percent. Under GST, the maximum rate is forty three percent.
While Toyota cut the prices of all fresh Fortuner by up to Rs Two.17 lakh and Innova Crysta by up to Rs 98,500, Honda slashed the prices of its premium SUV CR-V by up to Rs 1,31,663. Meantime, Ford’s flagship SUV Endeavour became cheaper by up to Rs three lakh (in Mumbai) and its compact SUV Ecosport by up to Rs 8,000.
Among luxury brands, BMW cut prices ranging from Rs 70,000 on base end version of X1 to Rs 1.8 lakh on the top end of its sedan seven series and Jaguar Land Rover by an average by seven percent.
Published Date: Aug 07, two thousand seventeen 01:50 pm | Updated Date: Aug 07, two thousand seventeen 01:50 pm
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
GST: Luxury cars, SUVs may become costlier as Council plans to increase cess to 25% from 15%
The cess on sports utility vehicles and luxury cars is likely to be enlargened to twenty five percent from the current fifteen percent, making these vehicles more expensive, according to media reports. The Goods and Services Tax (GST) Council has taken a decision to this effect but has not discussed this yet, the reports said. The increase in the cess will take the effective tax rate on these cars to fifty three percent.
A report in the Mint newspaper said the Council did take up the the proposal on Saturday as there were other issues that had to be discussed. It will be discussed at the nine September meeting, the report said.
However, a report in The Economic Times said an instant increase in rates is not likely as the compensation law requires to be amended before it becomes effective.
Honda cut prices of CR-V. Reuters
The automobile industry has been one of the fattest beneficiaries of the GST rollout from one July as the tax incidence on cars and motorbikes had declined sharply, prompting the companies to reduce prices.
Under the GST rates, cars attract the top rate of twenty eight percent with a cess in the range of one to fifteen percent on top of it.
While puny petrol cars with engine less than 1,200 cc will attract one percent cess, that with a diesel engine of less than 1,500 cc will attract three percent cess.
Large cars with engine greater than 1,500 cc and sports utility vehicles (SUVs) with length more than four metres and engine greater than 1,500 cc will attract cess of fifteen percent over and above peak rate of twenty eight percent.
Hybrid vehicles will also fall in the category under GST. In comparison, tax on electrical vehicles has been kept at twelve percent. At present hybrid vehicles attract excise duty of 12.Five percent, similar to the ones on entry level petite cars such as Tata Nano or Maruti Alto.
Earlier, the tax incidence on cars ranged inbetween twenty eight percent and forty five percent. Under GST, the maximum rate is forty three percent.
While Toyota cut the prices of all fresh Fortuner by up to Rs Two.17 lakh and Innova Crysta by up to Rs 98,500, Honda slashed the prices of its premium SUV CR-V by up to Rs 1,31,663. Meantime, Ford’s flagship SUV Endeavour became cheaper by up to Rs three lakh (in Mumbai) and its compact SUV Ecosport by up to Rs 8,000.
Among luxury brands, BMW cut prices ranging from Rs 70,000 on base end version of X1 to Rs 1.8 lakh on the top end of its sedan seven series and Jaguar Land Rover by an average by seven percent.
Published Date: Aug 07, two thousand seventeen 01:50 pm | Updated Date: Aug 07, two thousand seventeen 01:50 pm