Car prices slashed after GST
Dec 9th, 2015
auto, Business, Delhi, Featured slider, Finance, General awareness, Goverment, India, Lifestyle, Policy, Public issues
lalit@mkwebtech.com
Car prices slashed after GST
New Delhi,9 December: The government wants to introduce the GST from April 1, 2016, but the biggest revenue shake-up since independence is stuck in the Rajya Sabha, where the government does not have a majority. If GST comes Car prices could come down significantly. Small cars (length of less than 4 metres and engine size below 1500 cc) are currently taxed at 30.4 per cent, which includes an excise duty of 12.5 per cent, central sales tax of 2 per cent, national calamity contingent duty of 1 per cent and VAT of 12.5 per cent. Experts say that once the GST comes into effect, manufacturers may have to pay a tax of 17 -18 per cent on small cars, which could bring down prices by 12 per cent to 13 per cent.
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