New Delhi, Oct 12 (IANS) In order to provide relief to old/existing leases of motor vehicles, the GST Council has decided that the leasing of vehicles purchased and leased prior to July 1 would attract 65 per cent of the applicable GST rate (including compensation cess).
Sale of vehicles by a registered person who had procured the vehicle prior to July 1 and has not availed any input tax credits of central excise duty, value-added tax or any other taxes paid on such motor vehicles, would also be subject to 65 per cent of applicable GST rate (including compensation cess).
These rates would apply for a period of three years with effect from July 1, Finance Ministry said in a statement.
Notifications to give effect to the above would be issued shortly, it said.
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.