Autocar_Professional India Online News – Page 13

“Sin goods” like luxury Cars, Bikes to be Taxed at 40%

In a slight relief, luxury car buyers have seen an effective tax rate cut down to 40%, but luxury motorcycle buyers may still need to pay more, with the GST Council approving a hike in the effective tax rate on high-end models. Under the new structure, the GST rate on motorcycles with engines above 350cc… Continue reading “Sin goods” like luxury Cars, Bikes to be Taxed at 40%

“Sin goods” like luxury Cars, Bikes to be Taxed at 40%

GST on 350cc-Plus Motorcycles Hiked to 40% from 28%

The Goods and Services Tax (GST) Council on Wednesday approved an increase in levies on high-capacity motorcycles, raising the tax rate on two-wheelers above 350cc engine capacity to 40% from 28%. The new rates will come into force on September 22. “Mid-size and large cars, motorcycles of engine capacity exceeding 350cc, aircraft, airplanes for personal… Continue reading GST on 350cc-Plus Motorcycles Hiked to 40% from 28%

GST Cut: Auto Industry Reactions

The following are the reactions of key auto industry stakeholders, such as manufacturers, associations, analysts and others, to the government’s move to cut GST on several categories of automobiles and components: Saurabh Agarwal, Partner & Automotive Tax Leader, EY “The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant… Continue reading GST Cut: Auto Industry Reactions

GST Cut: Auto Industry Reactions

GST on Tractors and Tractor Parts Cut to 5%

The GST Council on Wednesday reduced the tax rate on tractors and farm machinery from 12% to 5%, marking a 7 percentage point drop aimed at lowering costs for farmers and boosting rural mechanisation. Tractors (except road tractors used for pulling semi-trailers and having engine capacity over 1800 cc) are taxed at 5% GST. However,… Continue reading GST on Tractors and Tractor Parts Cut to 5%

GST Council cuts tax on three-wheelers to 18% from 28%

India’s GST Council on Wednesday approved a reduction in the goods and services tax on three-wheelers to 18% from the current 28%, a move set to lower costs for manufacturers and buyers in a segment vital to urban transport and last-mile logistics. The decision, announced at the 56th meeting of the GST Council chaired by… Continue reading GST Council cuts tax on three-wheelers to 18% from 28%

GST Council slashes rates on buses, trucks, and ambulances to 18%

The Goods and Services Tax (GST) Council on Wednesday approved a reduction in the tax rate on buses, trucks, and ambulances to 18% from 28%, a move aimed at easing costs for the automotive industry and stimulating demand in key commercial vehicle segments amid sluggish economic growth. The decision, announced during the 56th GST Council… Continue reading GST Council slashes rates on buses, trucks, and ambulances to 18%

GST Council slashes rates on buses, trucks, and ambulances to 18%

GST on Small Cars, Motorcycles Slashed to 18% from 28%

The government on Wednesday announced sharp cuts in Goods and Services Tax (GST) rates across a wide swath of vehicles and equipment in a bid to spur demand. GST on small cars, motorcycles up to 350cc, three-wheelers, buses, trucks, and ambulances has been reduced to 18% from 28%, Finance Minister and GST Council Chairperson Nirmala… Continue reading GST on Small Cars, Motorcycles Slashed to 18% from 28%