No Cess on Old and Used Motor Vehicles: CBEC Notifies [Read Notification]
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In a notification issued on Thursday, the Central Board of Excise and Customs (CBEC) exempted old and used cars from the levy of GST Compensation Cess. The notification was issued to give effect to the decision made by the GST Council, the apex body under the new tax regime, to cut GST rates on used cars. The Council, also cess on various items. The move is a big push towards the used...
In a notification issued on Thursday, the Central Board of Excise and Customs (CBEC) exempted old and used cars from the levy of GST Compensation Cess.
The notification was issued to give effect to the decision made by the GST Council, the apex body under the new tax regime, to cut GST rates on used cars. The Council, also cess on various items.
The move is a big push towards the used car segment that accounts for a substantial number of sales every year and will be effective from January 25 in the country.
The cess, which was levied on on luxury, demerit and sin goods over and above the tax rate aims at compensating the loss suffered by the manufacturing States.
To Read the full text of the Notification CLICK HERE