The GST Council has hiked the tax on used cars sold by businesses to a uniform 18%, including previously 12%-taxed electric vehicles. This move aims to standardize taxation across the used vehicle market. Private sales between individuals remain exempt from GST. While new EVs enjoy a 5% GST, the increased rate for used EVs might impact their resale value.Used cars get costlier with 18% GST: Are you affected?
December 23, 2024
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The GST Council has hiked the tax on used cars sold by businesses to a uniform 18%, including previously 12%-taxed electric vehicles. This move aims to standardize taxation across the used vehicle market. Private sales between individuals remain exempt from GST. While new EVs enjoy a 5% GST, the increased rate for used EVs might impact their resale value.
