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- GST Compensation Cess on Used Cars: FAQs - Tax Guru
GST and Compensation Cess Applicability on Sale of Old Used Motor Vehicle in different Scenario Take Away from this article: Whether GST and Compensation Cess is applicable at different rates and or Concessional rates or not on sale of old used motor vehicle
- GST Compensation Cess On Motor Vehicles In India Pice
Yes, the GST on used cars has been reduced to 12-18%, depending on the engine size There is no compensation cess on used cars, making them more affordable than new vehicles This move is aimed at boosting the pre-owned car market in India
- GST + CESS Implications on Sale of Old and Used Vehicles
Selling old and used vehicles in India involves various tax implications under the Goods and Services Tax (GST) regime The tax treatment depends on factors such as the period of ownership, Input Tax Credit (ITC) claims, and valuation methods
- GST Implications On Sale Of Pre-Owned Second-Hand Goods - CAclubindia
According to Section 15 (1), the value of a supply of second-hand goods is decided by the transaction value, which is the price actually paid or payable for the supply However, the transaction value is considered the value of the taxable supply only when the following conditions are met cumulatively: 1
- Indirect Taxes : GST and Cess on Selling Used Vehicles - N J Jain
In the case of used vehicles, a cess known as the “Compensation Cess” is applicable It is charged on top of the GST rate and varies based on the type of vehicle: Petrol LPG CNG Vehicles with Engine Capacity up to 1200cc: Attract a cess of 1% Diesel Vehicles with Engine Capacity up to 1500cc: Subject to a cess of 3%
- GST on Cars: Tax Rates, Impact Exemptions - Razorpay
In India, the GST on cars spans multiple slab rates: 5%, 12%, 18%, and 28% The lowest GST rate of 5% is reserved for vehicles designed for use by disabled individuals and related accessories However, GST is not the sole tax on motor vehicle sales; a compensation cess of up to 22% can be added on top of GST
- GST on Second-Hand Goods: Complete Guide with Focus on Used Cars and . . .
To further support the automotive resale sector, the government issued Notification No 08 2018-Central Tax (Rate) dated 25th January 2018, in exercise of the powers under Section 11 (1) of the CGST Act, 2017, which allows a partial exemption of GST for the sale of old and used motor vehicles
- Used Car Taxes in India: A Complete Guide to GST and Insurance
Currently, the GST on second-hand cars is 18% for vehicles with an engine displacement of 1200 cc or more for petrol-driven cars and 1500 cc or more for diesel-driven vehicles What is Compensation Cess in GST? Compensation cess is nothing but a charge levied on top of GST The GST Act brought in the cess
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