GST Council recommends 18% tax on used vehicle sales

GST Council recommends 18% tax on used vehicle sales

Daily Current Affairs   /   GST Council recommends 18% tax on used vehicle sales

Change Language English Hindi

Category : Business and economics Published on: December 28 2024

Share on facebook
  • In the 55th GST Council meeting, it has been recommended to increase the GST rate on old and used vehicles, including EVs, from 12% to 18%, but this rate will not be applicable on certain specified vehicles.
  • Finance Minister Nirmala Sitharaman clarified that 18% GST will be levied only on the margin (difference between purchase and sale price) and not on the value of the vehicle, and it will not be applicable to unregistered persons.
Recent Post's
  • President Draupadi Murmu honored 17 children with the Prime Minister's National Children's Award.

    Read More....
  • Prime Minister Shri Narendra Modi inaugurated Omkareshwar Floating Solar Project in Khandwa, Madhya Pradesh.

    Read More....
  • Uttarakhand Chief Minister Pushkar Singh Dhami flagged off the torch relay for the 38th National Games from Haldwani.

    Read More....
  • Jammu and Kashmir Bank appointed Amitav Chatterjee as its new Managing Director and Chief Executive Officer (MD and CEO), effective December 30, 2024.

    Read More....
  • Parva Chaudhary won two bronze medals in the 96 kg category at the Asian Youth and Junior Weightlifting Championships on 24 December 2024.

    Read More....
  • Madhya Pradesh has been recognized by the Wall Street Journal as a “Global Destination for 2025”, renowned for its rich heritage, amazing wildlife and natural beauty.

    Read More....
  • The 55th GST Council meeting has recommended increasing the GST rate on old and used vehicles, including EVs, from 12% to 18%, but this rate will not be applicable on some specific vehicles.

    Read More....
  • The bilateral naval exercise between India and Sri Lanka, SLINEX 24 (Sri Lanka-India Exercise 2024) was conducted in two phases under the auspices of the Eastern Naval Command at Visakhapatnam from 17 to 20 December.

    Read More....
  • Adani Defense Systems and Technologies Limited (ADSTL) signed a share purchase agreement to acquire 85.8 percent shareholding in Air Works.

    Read More....
  • Former Prime Minister Dr. Manmohan Singh died on 26 December 2024 at the age of 92.

    Read More....