00:00In Rajasthan's Jaisalmer, at the GST Council's 55th meeting, many such decisions were taken
00:10that will put a burden on the pockets of the general public.
00:13Meanwhile, a decision related to cars has become a cause of headache for the middle class.
00:18In the coming time, it will be expensive to buy old cars from a registered seller.
00:23The reason for this is that the GST Council has decided to put 18% GST instead of 12% on the sale of old electric cars with cars of less than 1200cc limit and 4 meters in length.
00:38So let's explain everything in detail about this decision in this video.
00:43In the country, the market for old cars and used cars has increased a lot.
00:48All companies are selling old cars at a low price.
00:52But with the tax on the sale of these old vehicles, a major decision was taken in the 55th meeting of the Jaisalmer, Rajasthan, by the GST Council.
01:02In fact, the GST Council's meeting agreed to increase the tax on the sale of old cars including electric vehicles.
01:11This was increased from 12% to 18%.
01:16According to the reports, the changed GST rates will be applicable to companies or dealers related to old cars sold.
01:24This means that this amendment by the council applies to cars sold with a margin and cars purchased by companies operating in this sector.
01:35However, the old car will be taxed at a rate of 12% on the seller.
01:41That is, it will not affect the individual buyer and seller.
01:45If we talk about the current rates, then the engine limit of more than 1200cc and the petrol, LPG or CNG cars with a length of more than 4000mm will be 18%.
01:58The engine limit of more than 1500cc and the diesel cars with a length of more than 4000mm will be 18%.
02:06And the sports utility cars with an engine limit of more than 1500cc will be 18%.
02:14In this way, the GST Council has decided to increase the GST rates for old and used cars of this category by 18%.
02:23Old electric vehicles, along with other 12% cars, will now be included in the 18% bracket when they are resold by the seller.
02:37The GST Council's meeting is taking place in Jaisalmer, Rajasthan, under the leadership of Finance Minister Nirmala Sitharaman.
02:43The Finance Minister of all states is also included in this meeting.
02:46Before the meeting, the GST Council's Fitment Committee recommended that GST be increased from 12% to 18% on old and used cars.
02:59Until now, GST is applied on the basis of the margin of the supplier on these cars, which can reduce the burden of tax on its own.
03:07So, what is your opinion on this decision of the GST Council?
03:10Give us your opinion in the comment box and keep watching Good Returns for such updates.
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