WebJan 19, 2024 · Accordingly, the GST rate on used medium, large cars and SUVs has been slashed from the previous 28 per cent to 18 per cent. Similarly, that on small cars and motor vehicles has been reduced from 28 per cent to 12 per cent. The cess in both of these categories has been removed. WebGoods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and services. GST is a digitalized form of VAT where you can also track the goods & services. ... luxury cars and tobacco products. Pre-GST, the statutory tax rate for most goods was about 26.5%; post-GST, most goods are expected to be in the 18% tax range ...
GST on car sold by Company after using it for business purpose
WebFeb 1, 2024 · Effectively, if you buy a new car for $25,000, there is already $2273 of GST included in your car purchase. And if you're buying what’s deemed a ' luxury car ', which means a car priced from as little as … Web5 rows · The GST taxes on used cars with engine size bigger than 1200cc for petrol and 1500cc for ... chicead
GST on Sale of old used Car - Personal, business Purpose - Scrap, Resale
WebApr 25, 2024 · 1. GST-18% on Old and used, petrol Liquefied petroleum gases (LPG) or compressed natural gas (CNG) driven motor vehicles of engine capacity of 1200 cc or more and of length of 4000 mm or more. 2. GST-18% on Old and used, diesel driven motor … GOVERNMENT OF INDIA. MINISTRY OF FINANCE (Department of Revenue) … WebFeb 2, 2024 · The tax rate on used old car transactions has been reduced to 18 percent for large cars and SUVs, and 12 percent for small vehicles, from 28 percent (for both categories) earlier. The new rates have come into effect from January 25, 2024. WebThat said, the GST on SUVs such as Jeep Compass, Maruti Vitara Brezza, Renault Duster and the likes will require owners to pay a 28% GST, which is around a 17% reduction from the rates previously. GST On Electric cars will be levied a tax rate of 12%. B) Fuel type. google listen to song