English हिन्दी
Connect with us

Latest business news

Cabinet clears Ordinance to hike cess to 25 pc on mid-size, luxury vehicles and SUVs

Published

on

GST

[vc_row][vc_column][vc_column_text]The new levy will be in charged in addition to taxes on sale of the vehicle. GST Council, the apex tax rate setting body, had on 5 August approved raising cess on SUVs, mid-sized, large and luxury cars that had become cheaper after the rollout of the Goods and Services Tax regime on July 1

In a move that is certain to hit the automobile sector hard and dampen the spirit among driving enthusiasts planning to buy not just luxury cars or sports utility vehicles but even mid-sized cars, the Union Cabinet, on Wednesday, approved an Ordinance that sets to increase the cess on such vehicles from the current ceiling of 15 per cent to a whopping 25 per cent.

The new levy will be charged in addition to the 28 per cent ceiling of taxes charged on the sale of mid-size cars, luxury and sports utility vehicles (SUVs) under the new Goods and Services Tax (GST) regime that was rolled out on July 1 this year.

“The proposal of imposition of higher cess has been cleared,” a source privy to the Cabinet’s decision said. The GST Council – the apex tax rate setting body – may, in its next meeting scheduled for September 9, decide on the date when the increased cess will be applicable.

Arun JaitleyThe Union finance ministry had, on August 7, said that the GST council chaired by finance minister Arun Jaitley had recommended to the Centre to move legislative amendments needed for raising the maximum ceiling of cess that can be levied on motor vehicles to 25 per cent from the present cap of 15 per cent.

Under the new GST regime, cars attract the top tax rate of 28 per cent but are also charged with a cess of 1to 15 per cent for the creation of the state compensation corpus. After the introduction of GST, the total tax incidence on motor vehicles (GST plus compensation cess) had come down when compared with the total tax incidence in the pre-GST regime.

However, raising the cess requires an amendment to the Schedule of Section 8 of the GST (Compensation to a State) Act, 2017, hence the need for the Ordinance that was cleared by the Union Cabinet on Wednesday.

The highest pre-GST tax incidence on motor vehicles worked out to about 52 to 54.72 per cent, to which 2.5 per cent was added on account of Central Sales Tax, octroi, etc. Against this, the total tax incidence on these vehicles post GST rollout fell to 43 per cent.

The GST Council was of the view that to take the tax incidence to pre-GST levels, the highest compensation cess rate required is 25 per cent.

Prices of most SUVs were cut between Rs 1.1 to Rs 3 lakh after the GST rollout, which subsumed over a dozen central and state levies including excise duty, service tax, and VAT from July 1.

Under GST, a cess was levied on cars, tobacco, and coal to create a corpus for compensating states for any loss of revenue from their taxes like VAT being unified with central levies like excise duty and service tax in the GST.[/vc_column_text][/vc_column][/vc_row]

Latest business news

Happy Birthday Mark Zuckerberg: Social media users wish Facebook co-founder on his 40th birthday

Born on May 14, 1984, Zuckerberg has grown from a Harvard dropout into a billionaire philanthropist, owning many tech ventures over the years. He started Facebook in 2004 and took it public in 2012.

Published

on

Mark Zuckerberg, co-founder and CEO of Facebook (Meta), is celebrating his 40th birthday on May 14. Zuckerberg, one of the most influential figures in the tech industry, has had a major impact on how people connect and communicate with each other all over the world.

At 40, Zuckierberg continues to lead Facebook and its parent company, Meta, towards new technological frontiers. Born on May 14, 1984, Zuckerberg has grown from a Harvard dropout into a billionaire philanthropist, owning many tech ventures over the years. He started Facebook in 2004 and took it public in 2012.

In 2021 the social media platform changed its name to Meta to shift the company’s focus to the metaverse. Under his leadership, Facebook has grown into a global platform with over 2.8 billion active users. Apart from this, he has also expanded his influence through the Chan Zuckerberg initiative, which is run by Zuckerberg and his wife Priscilla Chan and focuses on philanthropy in health, education, and scientific research with an investment of 99% of the couple’s wealth over their lifetime.

There has been a rise in the net worth of Mark Zuckerberg over the last few years. According to Forbes, his net worth stands at $177 billion, which makes him the 4th richest man in the world. Since Facebook (now Meta) acquired WhatsApp in 2014 for $19 billion, Mark Zuckerberg’s net worth has grown significantly.

In 2014 his net worth was approximately $26.1billion, which now stands at around $177 billion, which reflects a substantial increase in the net worth due to Meta’s expanding business and strategic acquisitions over the year.

Before Zuckerberg turned 40, he gifted himself a brand-new superyacht, Launchpad in March 2024. According to reports, Zuckerberg purchased $59 million worth of waterfront property on Lake Tahoe in California in 2019. He spends his money on luxury vehicles and owns a Acura TSX, a Honda Fit, and a black Volkswagon Golf GTI.

Continue Reading

Latest business news

Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

Published

on

Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

Continue Reading

Latest business news

Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

Published

on

Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

Continue Reading

Trending

-->

© Copyright 2022 APNLIVE.com