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50% Tax on Cars..! #shorts #car #tax #cars #kowshik_maridi

GST compensation cess is different from Income Tax cess. Income Tax Cess is calculated on the “Tax amount” whereas GST compensation Cess is calculated on a “Transaction Value” i.e. Value of a Car (*Taxable Value of Supply to be precise) not on Value of GST amount. This is why effective GST increases this much.

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GST is applicable at flat 28% on cars for private use but the compensation cess may differ based on key factors such as:-

🔸Size of the car’s engine and
🔸Length of the car.

Such specification are in line with the Motor Vehicle
Act, 1988.

➡️For LPG, CNG, Petrol Vehicles:-
Car using LPG, CNG, Petrol below 1200cc and
“below” the length of 4m = 28% GST + 1% Cess

Car using LPG, CNG, Petrol below 1200cc and
“above” the length of 4m = 28% GST + 15% Cess

Car using LPG, CNG, Petrol above 1200cc
irrespective of it’s length = 28% GST + 22% Cess

➡️For LPG, CNG, Petrol Vehicles:-
Car using LPG, CNG, Petrol below 1200cc and
“below” the length of 4m = 28% GST + 1% Cess

Car using LPG, CNG, Petrol below 1200cc and
“above” the length of 4m = 28% GST + 15% Cess

Car using LPG, CNG, Petrol above 1200cc
irrespective of it’s length = 28% GST + 22% Cess
For Diesel Vehicles:-

Car that run on diesel, below 1500cc and below 4m of length = 28% GST + 3% Cess

Car that run on diesel, below 1500cc and above 4m of length = 28% GST + 20% Cess


Source: My loan care, ET Auto, Paisa Bazaar

#cars #cardealership #showroom #financetips

DISCLAIMER
This video is for educational purposes only and should not be considered as financial advice or an endorsement of specific investments. It is essential to conduct thorough research before making any investment decisions.

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