Best Stock Advisory Company in Indore -Govt all set to hike GST cess on luxury cars

The government is set to promulgate an ordinance within weeks, allowing an increase in goods and services tax (GST) cess on luxury cars and SUVs, as it seeks to restore tax revenue from the automobile industry that unintentionally got affected in the transition to the new indirect tax regime.

A person aware of the discussions in the finance ministry said on condition of anonymity that a cabinet note is being moved proposing changes to the schedule of cess levied under the GST (Compensation to States) Act, 2017, to correct the reduction in the tax burden on cars due to GST rollout.

The GST Council, however, has taken the view that tax rate revisions during the transition to the new indirect tax system that kicked in from 1 July will be limited only to correcting unintentional effects of the tax rate fixing exercise.

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