There is a new automobile tax which is confirmed from the budget speech of finance minister Mr.Arun Jaitley. He said that it is necessary to pay 1% tax at source on luxury cars priced above Rs 10 lakh. This tax would be levied on ex-showroom price and the dealer would have to collect and pay it to the government.
This tax is essentially applicable even when someone sells a vehicle costing Rs 10 lakh or more in the second hand market. Unlike what was originally expected, the rule that is approved as part of the Finance Bill and will come into effect on June 1 covers all types of vehicles, not just passenger vehicles.
This tax is essentially applicable even when someone sells a vehicle costing Rs 10 lakh or more in the second hand market. Unlike what was originally expected, the rule that is approved as part of the Finance Bill and will come into effect on June 1 covers all types of vehicles, not just passenger vehicles.
Keep an eye on <>http://www.bizbilla.com/pressrelease/New-Automobile-tax-724.html
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