New Delhi sources have stated that the Union Finance Minister Arun Jaitley on Friday announced that Goods & Service Tax (GST) on automobiles will be retained at 28%. At the same time, the minister announced several other changes in the GST structure that will help improve the market sentiment further. Rakesh Srivastava, Director Sales & Marketing, Hyundai Motor India said "Today's announcement on GST is a welcome move towards improving customer sentiment as these moves of lowering tax slab on certain goods will allow increased purchasing power to the consumers".
Moreover around 178 items were moved from 28% to 18%. The changes will be effective from 15 November 2017. Several other relief was given to the market such as restaurant and composition tax limit. Further the restaurant rate will be flat 5% from earlier 18%, while the restaurant will not get ITC benefit. Two items such as Wet grinders, armor fighting vehicles moved from 28% to 18%.
Further Abhishek Jain, Partner, EY said “While the 23rd GST Council meeting did conclude with a whole raft of positive
measures, it did not have much of it in store for the automobile industry. The
rates for automobiles parts remain unaltered".
GST not imposed for second hand car by an individual According to sources the Revenue Department had clarified that sale of old jewelry as well as old vehicles by individuals will not attract any GST as the sale is not for furthering any business. Meanwhile when clarifying on Revenue Secretary Hasmukh Adhia's comments yesterday stating that it was informed at GST Master Class that "purchase of old gold jewelery by a jeweler from a consumer will be subject to GST at the rate of 3% under reverse charge mechanism in terms of the provisions contained
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