Union Cabinet approves ordinance making luxury cars, SUVs more expensive
Union Cabinet approves ordinance making luxury cars, SUVs more expensive
Finance minister Arun Jaitley on Tuesday said GST collections for July has exceeded estimates
31 August, 2017, 05:49
As per registration, 59.57 lakh businesses should file return for July.
He said out of the total amount of the GST collected, the Centre got Rs 444 crore through various cesses.
The ordinance was needed to amend the Schedule to the GST (Compensation to State) Act 2017, that now specifies 15 per cent as the maximum cess rate for luxury vehicles and SUVs.
The government had first set a deadline of August 20 for paying GST which was later extended to August 28 as many dealers could not pay because the system had crashed.
Mid-size cars, luxury cars, and SUVs which had witnessed lower taxation since the roll-out of Goods and Services Tax (GST) will now return close to their pre-GST rates. The Council which is headed by Finance Minister along with other finance ministers of the states has chose to hike the cess. On top of this, a cess of 1-15% is levied for the creation of the state compensation corpus. We will see how it progresses. "At least the red line seems to have been crossed", he said. Under CGST, another Rs 505 crore was collected. The tax collection number would "somewhat increase" with greater compliance, he added.
Arun Jaitley said, so far the GST collections exceeded Rs 92,282 crore and the numbers are likely to go up when the entire tax payers file returns.
"It may be mentioned that IGST will be allocated between the CGST and the SGST to the extent that the same is used for payment of CGST/SGST", the statement said. While the overall impact will still have to be evaluated in some time, we will be forced to redraw our plans for the Indian market based on future projections in this scenario, said Rahil Ansari, Head Audi India. "Then, the possibility of detection because of technology is also very high", he explained.
"You need to be reasonable in your rates, you need to be reducing the compliance burden as far as procedures are concerned, you need to use more technology in order to ensure the physical contact between the assessee and the assessing authority is minimised". "What is critical to the industry is when, how much and on what criteria will the cess be increased", said Pawan Goenka, managing director, M&M. However, 13.80 lakh taxpayers are still to finish their procedural formalities for migrating to the GSTN.
Also the number of new registrations are 18.83 lakh.
Finance Minister Arun Jaitley on Wednesday said that the volume of cash in circulation had dropped by 17%, as per the RBI report. After the note ban, old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.
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