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GST is on the verge of implementation and car dealers are giving away huge discounts. Everyone who is looking to buy a new car or replace an existing one is curious to know whether cars are going to be expensive or cheaper.
As per the GST, cars will fall under the luxury bracket and will attract a 28 % flat GST. Over and above, an extra of 1, 3 or 15 per cent is proposed depending on the classification.
GST Rates on Cars:
The cars are classified based on the length and engine capacity and type. Let’s discuss the various categories available in the Indian markets and the rate of GST and cess applicable thereof.
Type
Small
Mid-size
Luxury
SUVs
Meter Length
< 4 metre length
> 4 metre length
> 4 metre length
> 4 metre length
170 mm ground clearance
Engine Type
Petrol < 1200 cc
Diesel < 1500 cc
Petrol < 1500 cc
Diesel < 1500 cc
Petrol > 1500 cc
Diesel > 1500 cc
Petrol > 1500 cc
Diesel > 1500 cc
Rate of GST
28%
28%
28%
28%
Cess
1-3%
15%
15%
15%
Total GST rate
Petrol -29%
Diesel -31%
43%
43%
43%
Current Rates
(Excise & VAT+Cess)
Petrol- 26% – 34%
Diesel- 28% -35%
40.5% – 48.5%
44.5% – 51.5%
47.5% – 54.5%
Other taxes and costs involved:
1. Registration charges
Registration charges wont be impacted due to the GST regime coming into effect. They will more or less remain the same as compared to existing tax rates.
2. Motor insurance
Motor insurance is a mandatory provision before the car is sold to the buyer. Insurance services will attract GST rate of 18 percent , which is an increase as compared to existing rates of 15 percent. Hence, there will be additional tax burden on the end consumer at the time of purchase of the car.
Conclusion:
Small cars both petrol and diesel GST will end up increasing prices. Amongst the small cars, diesel make cars will be most affected segment post implementation of GST in India.
However, Luxury cars and SUVs may end up being cheaper than the price at which they are sold under current tax regime.