WebJun 11, 2024 · GST rate leviable is 18% (9% CGST & 9% SGST). F. Our comments. In this ruling, AAR has specified the tax incidence on used vehicles as stated in Notification 8/2024 -CT (R) dated 25th January 2024. It states that the GST shall be discharged by seller on margin to be worked out on following basis: Import of cars attracts IGST. The value considered for calculating IGST is the assessable value + basic customs duty. For example, 1. Assessable value= Rs.5,00,000 2. BCD= Rs.50,000 3. Value for charging IGST= Rs.5,50,000 4. IGST at 18%= Rs.99,000 To promote ‘Make in India’, the government has increased … See more Previously, two major taxes were charged to the consumers of cars which were VAT and excise duty. The combined rate would range anywhere between 26.5% and 44%. As compared to this, … See more (A) Value of supply:Under GST, the value of supply is the money that the seller collects from the buyer in exchange for the sale of goods or services. In the case of related parties, GST … See more GST applies to almost all goods and services. This includes automobiles too, which includes cars. GST rate on cars varies from Nil to 28% depending upon its type and its use. Apart from GST, compensation cess … See more Leasing of vehicles purchased and leased before 1st July 2024, would attract GST at a rate equal to 65% of the applicable GST rate (including Compensation Cess), also at the time of sale as … See more
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WebThe amount is calculated into your capital cost allowance (CCA). If you use a vehicle to help you earn income, the CRA allows you to deduct part of its cost. The deductible part is … WebJun 25, 2024 · According to the research estimates, India has 22 Cars per 1000 Individuals. Rate of GST on Motor Vehicle is 28% and Implementation of GST ensures seamless flow of ITC of GST paid on purchase of goods. Obviously, if a person is spending huge amount of expenditure, he would want to take a credit of GST paid on buying a motor vehicle. hainan china hotels
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WebApr 13, 2024 · Significantly, they will all run on Mercedes-Benz’s own MB.OS platform, expected to debut at the end of 2024 for sale in vehicles the following year. “We are the … WebDec 30, 2024 · Buying a car under your personal name will result in you missing out on claiming GST credit of 10% if your business is registered for GST. Whereas buying the … WebDec 20, 2024 · A company car saves the employees expenses while allowing the company additional deductions. When driving a company car, the employee can generally use that car for both business use and … hainan chunguang foodstuff