If you are planning to take a luxury electric car, then definitely read this news! Tax on high-end trains like Tesla, Mercedes-Benz, BMW and Byd is likely to increase significantly. So far, EVS is only 5% GST, but an Indian tax panel has suggested that the tax of ₹ 23 to ₹ 46 lakh should be increased to 18%. And it has been recommended to impose 28% or more tax on cars above ₹ 46 lakh. The Modi government has decided to remove 28% tax at present, so that the GST Council now has two options – either EVS should be put into 18% tax slab, or a new 40% luxury Goods category. The final decision will be taken on this in the GST Council meeting to be held on 3–4 September. If this proposal is passed, foreign companies will get a shock, while desi companies like Tata Motors and Mahindra can benefit. Tesla has just started booking in India, but not delivery.
Luxury Electric Cars will break the dream? The price will increase with new tax rules! Paisa Live | Will the Dream of Luxury Electric Cars Be Shattered? New Tax Rules will increase the price!
