The introduction of GST has led to various affirmative influences on the automobile sector. In the erstwhile taxation regime, dealers could not claim the credit of Excise duty, CST, and various cess which was paid earlier, thus inflating the purchase price of the vehicle. In GST regime, CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax) paid will be fully available as credit to the dealers dealing in further supply of vehicles, thereby they will not add to the purchase price of the vehicle. In other words, the GST has eliminated the cascading effect of taxes, and thereby reducing the price of automobiles.
Source: businessworld.in
Latest Posts in "India"
- Insurance Brokers Push for Zero-Rated GST to Restore Input Tax Credit and Prevent Premium Hikes
- Delhi High Court: ITC Re-credit Cannot Be Denied Due to GST Portal Technical Limitations
- Key GST and Customs Legal Updates: E-Filing, ITC, Refunds, and Recent High Court Judgments
- CBIC to Slash Customs Clearance Time to 1-48 Hours with New Integrated Digital System
- GSTAT E-Filing: Staggered Appeal Timelines and Limitation Rules Under Section 112 Simplified
