Saturday, 23 September, 2017

GST on Luxury Cars, SUVs revised to 50% (28% GST + 22% Cess)

GST relief for 40 more items GST Cess Hike on Large Cars to be Made Effective Starting Today
Preston Stone | 12 September, 2017, 02:00

This brought the pre-GST tax total to 44.5%. For large cars total tax incidence has gone to 48% from 43% on the back of 5% increase in cess to 20%.

It said that auto prices had dropped by up to Rs 3 lakh as the tax rates fixed under the GST, which came into effect from July 1, were lower than the combined central and state taxes in pre-GST days.

Now under the revised GST tax rates the total tax incurred by mid-sized cars in India will be 45%. SUVs like Mahindra and Mahindra Scorpio and XUV500, Renault Duster, Toyota Fortuner, Ford Endeavour to luxury ones like Land Rover Discovery, Audi Q3, Q5 and Q7, BMW X3 and X5, along with Mercedes GLA, GLC and GLS will all see prices going up by 7 per cent.

"However, the long standing anomaly in the taxation of 10-13 seater vehicles could have been fully corrected and these should have been fixed at a GST rate of 28 percent without any cess as these are public transport vehicles and not for personal use", added Mathur.

Accordingly, plastic raincoats and rubber bands have been fitted in the slab of 18 percent and 12 percent, respectively, as against the earlier 28 percent. Last week, an ordinance was promulgated to hike the cess from 15% to up to 25%.

Court Orders INEC to Continue Recall Process of Melaye
By today's ruling, the Melaye recall process will now pick up from where it had stopped. A total of 188, 588 signatures were submitted to INEC by a representative of the zone.

The companies said the constant changes in rates could lead to market instability and affect demand growth trends, expressing disappointment that the Council's decision "totally overlooked" their contribution to the industry and the economy. "... Whether this is sustainable or not, we will have to wait and see", Mr. Mathur emphasised.

Mahindra and Mahindra MD Pawan Goenka said: "We are awaiting the exact definition of the categories". The date of implementation of the additional cess will be notified later. After the GST Council meet on Saturday, Finance Minister Arun Jaitley had said that in the case of large vehicles, where affordability of consumers is high, the cess has been increased. "We will need to study the impact of this hike on the buyer sentiment".

"In FY18, CARE Ratings expects passenger vehicles segment to witness gradual pickup in demand as the effect of demonetisation, ban on BS-III vehicles and GST implementation begins to moderate starting Q3 FY18".

He said that though luxury auto industry's volume contribution is very low, their value wise contribution is much higher and that has enormous potential to grow even more in the future, had there been fair taxation.

Recommended

Bill O'Brien won't commit to Texans starting QB for Week 2 Bill O'Brien won't commit to Texans starting QB for Week 2 The 37-year-old Palmer threw three interceptions, including a pick-six that put the Lions ahead, 35-17, late in the fourth period. Comment below and let us know whether you think Watson will be healthy enough to start this week. " We'll see moving forward ".

Ahmedabad-Mumbai bullet train deadline advanced to 2022: Piyush Goyal Ahmedabad-Mumbai bullet train deadline advanced to 2022: Piyush Goyal The next morning, they would attend the groundbreaking ceremony of the high speed rail project at the Sabarmati railway station. Sanjeev Sinha will be an advisor for upcoming Ahmedabad - Mumbai bullet train project.

Trump approves emergency federal aid for Florida as Irma weakens Trump approves emergency federal aid for Florida as Irma weakens A Miami resident has been documenting the turbulent floods and high winds from his high-rise home as Hurricane Irma hits Florida . For all of their daring-do at the edge of Irma's eye, the pair did actually manage to walk away with some interesting results.

Red Cross fills United Nations void in Myanmar's violence-torn region Red Cross fills United Nations  void in Myanmar's violence-torn region They self-identify as a distinct ethnic group with their own language and culture, and many have lived in Myanmar for generations. The military said it was responding to attacks by Rohingya militants and denied it was targeting civilians.

West Ham up and running with victory over Huddersfield West Ham up and running with victory over Huddersfield It is maybe not logical for me to be under pressure after three games but it is modern football. I'm disappointed because we've been looking at that position for two years.

United Kingdom lawmakers to vote on crucial Brexit withdrawal bill United Kingdom  lawmakers to vote on crucial Brexit withdrawal bill Labour has said it will vote against the bill, with leader Jeremy Corbyn instructing his party to vote against the legislation. The government should instead aim to negotiate a transition period of up to four years to prevent an economic shock, he said.

Hurricane Irma: Donald Trump's Mar-a-Largo retreat forced to evacuate Hurricane Irma: Donald Trump's Mar-a-Largo retreat forced to evacuate Irma "is a storm of absolutely historic destructive potential", Trump said in his weekly address. Mar-a-Lago, which overlooks the ocean on Palm Beach, was built in 1927.

New Amazon Fire TV Leaked with Alexa Speaker New Amazon Fire TV Leaked with Alexa Speaker Chromecast , as it sports a similarly-styled HDMI plug that dangles at the end of cord instead of being one solid unit. But the biggest news here involves additional features included in the new cube-shaped version of Fire TV.

Sen. Booker co-sponsoring Bernie Sanders' 'Medicare for all' bill Sen. Booker co-sponsoring Bernie Sanders' 'Medicare for all' bill Gillibrand has been open about her support for a single-payer system at several recent town halls across NY . Kirsten Gillibrand intends to co-sponsor Sen.

FRANKFURT MOTOR SHOW: Audi teases rear-wheel drive R8 FRANKFURT MOTOR SHOW: Audi teases rear-wheel drive R8 No matter how much power is on offer, it should be more than enough for most buyers - especially when paired with RWD. Aside from promising even greater speed than the current R8, the next model will be adopting a rear-wheel system.

Missing Chicago teen found dead in hotel freezer Missing Chicago teen found dead in hotel freezer Mack said that the unused freezer was located in an under-construction area of the hotel where a new restaurant was being built. And Martin believes that the freezer door would have been too heavy for Jenkins to open if she was inebriated.

Hawkeyes come back to beat Iowa State in overtime Hawkeyes come back to beat Iowa State in overtime With a lot of new pieces in places, there is going to be inconsistency in Iowa's play this season, particularly early in the year. Kirk Ferentz's 137 wins in all games coached as a member of the Big Ten Conference ranks sixth in league history.

Porsche 911 GT3 Touring Package deletes the rear wing Porsche 911 GT3 Touring Package deletes the rear wing This function is activated via the "Sport" button on the center console, which enables a faster synchronization of the gears. Porsche is accepting orders for the 2018 911 GT3 Touring Package with pricing starting at $143,600 plus $1,050 delivery.

Turkey issues travel warning for Turkish citizens in Germany Turkey issues travel warning for Turkish citizens in Germany Merkel has also announced her intention to speak with her European Union counterparts to call off membership talks with Turkey. Schulz tweeted: "Fact is: it's in Turkey, not here, that journalists who speak their opinion are jailed".

Are Analysts Bullish Standard Chartered PLC (LON:STAN) After Last Week? Are Analysts Bullish Standard Chartered PLC (LON:STAN) After Last Week? JP Morgan Cazenove now has a GBX 450.00 target price per share on the 5.32B GBP market cap company or 16.31% upside potential. It increased, as 59 investors sold SBUX shares while 450 reduced holdings. 49 funds opened positions while 56 raised stakes.