Goods and Services Tax – GST – Dated:- 12-9-2017 – New Delhi, Sep 12 (PTI) The government has notified levy of increased GST cess of up to 7 per cent on mid-size, large and SUV cars. The GST Council on September 9 had decided to hike cess on mid-size cars by 2 per cent, on large cars by 5 per cent and on SUVs by 7 per cent to bring tax rates on these cars at pre-GST levels. The Finance Ministry late last night notified the hike in quantum of cess to be levied on cars, following which the new rates came into effect. The effective GST rate on mid-size cars will be 45 per cent, and on large cars it would be 48 per cent. The rate will be 50 per cent on sports utility vehicles (SUVs), which include cars with length exceeding 4,000mm and having
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
hike the cess from 15 per cent to up to 25 per cent. The Council then on September 9 decided on the quantum of hike in cess in various segments. After the GST council meet, Finance Minister Arun Jaitley had said that in large vehicles where affordability of consumers is high, the cess has been increased. The pre-GST rate has not been restored… Even though we had a headspace of hiking cess by 10 per cent, it has been hiked by up to 7 per cent, Jaitley had said. The highest pre-GST tax incidence on motor vehicles worked out to about 52-54.72 per cent, to which 2.5 per cent was added on account of Central Sales Tax, octroi etc. Against this, post-GST the total tax incidence came to 43 per cent. With the revision in cess quantum with yesterd
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =