Luxury electric car - Business Outrank

Government documents show that the tax panel has proposed a huge increase in GST on luxury electric cars priced above $46000 (about Rs 40 lakh). The GST panel has recommended 18% GST rate on electric cars priced between Rs 20 lakh and Rs 40 lakh and 28% GST rate on cars priced above this. Currently this tax is just five percent. This proposal can prove to be a big setback for companies like America's Tesla Inc. to China's BYD. The group of ministers appointed to the GST Council for the upcoming rationalization has suggested increasing the GST rate. The argument for increasing GST is that such vehicles are for the upper class of society and are imported on a large scale instead of being manufactured locally. The GST Council headed by Union Finance Minister Nirmala Sitharaman will meet from 3 to 4 September. The meeting will decide on rationalizing indirect taxes on 175 goods and services under the biggest tax reform since 2017. According to the GST panel, the use of electric vehicles is increasing and the lower rate of 5% is to encourage faster adoption of electronic vehicles but it is also very important to indicate that higher-priced EVs may be taxed at a higher rate. The proposal may affect Mahindra and Tata Motors as well as Tesla, BYD, Mercedes Benz and BMW, which offer high-end luxury electronic cars.

What's Hot

higher tax on luxury electric cars. GST panel proposed a huge increase.

SBI hopes to raise $1 billion through 5-year dollar bonds

Demand for Mahindra’s SUVs decreased, For the first time in 3 years.

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Luxury electric car

higher tax on luxury electric cars. GST panel proposed a huge increase.

higher tax on luxury electric cars. GST panel proposed a huge increase.

SBI hopes to raise $1 billion through 5-year dollar bonds

Demand for Mahindra’s SUVs decreased, For the first time in 3 years.

NSE and BSE fined MTNL Rs 673,780 for non-compliance of SEBI rules

Our Picks

higher tax on luxury electric cars. GST panel proposed a huge increase.

SBI hopes to raise $1 billion through 5-year dollar bonds

Demand for Mahindra’s SUVs decreased, For the first time in 3 years.

Most Popular

higher tax on luxury electric cars. GST panel proposed a huge increase.

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: Luxury electric car