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Used Or Pre-Owned Cars To Cost Significantly Less After GST Rate Revision
The pre-owned cars now depending on their size shall now attract a GST rate of between12-18% which after the implementation of GST on a nationwide basis was put in the highest tax slab rate of 28%.
Of the so many goods and services on which the GST Council revised their rates lower are included one category of product ie. Used or pre-owned car that by chance can be your next hunt. So to your relief, with effect from January 25, you can expect a big cut in their price as against the previous regime.
The pre-owned cars now depending on their size shall now attract a GST rate of between12-18% which after the implementation of GST on a nationwide basis was put in the highest tax slab rate of 28%. Not only this an hefty cess charge of between 1-15% was being charged to add to the total cost for the used car buyer. But this after the recent meet has been withdrawn away.
In the pre-GST era only 5% VAT was being shelled out by the pre-owned car dealer which after GST implementation turned out to be so heavy for pre-owned car buyers.
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