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GST On Leased Vehicles: Know The Tax Rates

Tuesday, October 17, 2017, 5:07 PM

Leasing of vehicles purchased prior to July 1 will attract a tax equivalent to 65% of the current applicable GST rate for a period of 3 years, the government said. The GST Council, comprising Union Finance Minister Arun Jaitley and state finance ministers, in its last meeting on October 6 had decided to levy concessional rate for the leased vehicle.
GST
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What are CGST, SGST and IGST?

Monday, June 5, 2017, 10:52 AM

The GST to be levied by the Centre on intra-State supply of goods or services is Central GST (CGST) and that by the States is State GST (SGST). On inter-state supply of goods and services, Integrated GST (IGST) will be collected by Centre. IGST will also apply on imports.
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What are final GST rate slabs?

Monday, June 5, 2017, 10:37 AM

The GST will be levied at multiple rates ranging from 0% to 28%. GST council has finalized a four-tier GST tax structure of 5%, 12%, 18% and 28%. Highest tax slab will be applicable to items which are currently taxed at 30-31% (excise duty + VAT). Ultra-luxuries, demerit and sin-good, will attract a cess for a period of five-years on top of 28% GST.

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