Is GST affecting your car’s planning? Since GST took place from 1 July, 2017. Some car model has major price drop but some car models became more expensive. As we know that Ford had reduced his price up to 3 lakh after GST. So let’s know how it is affecting your cars and three wheeler purchase. The new GST will affect your car plan for sure. Two and three wheeler below then 99c will attract 10% GST. The cars under 99.1cc to 299cc will attract 12% GST.
The cars of cost below than 10 lakh will get 11% tax rate and for petrol and diesel respectively 13 %. For the 10 to 20 lakh budget cars the tax rate is 12% to 14% and same for the petrol and diesel. For the cars of cost 20 lakh and above the tax rate would be 13% to 15% and same for the petrol and diesel.
Since the GST rates bought some good and bad news for the buyers. Some cars became more affordable and some became more expensive. Hybrid cars of range 31 to 38 lakh the tax rate is 16.43%.
GST Rates on Cars: We have classified the following sized cars into certain criteria :
● GST impact on Maruti Suzuki Cars
Good news for Maruti Suzuki buyers. If you are planning to buy a Maruti Suzuki car then there is a drop in price of 3 percent. There is significant price drop in alto range cars of 18000 Rupees also.
● GST impact on Hyundai cars
Hyundai Cars are the most selling cars among Indian. So if you are planning to buy a car like Tucson and santa Fe then there is a drop in price. If we talk about Grand i10 and Elite i20 then the price drop upto 10000 Rupees in New Delhi showrooms.
● GST Impact on Renault cars
Renault cars dropped down up to 7 percent after the announcement of GST. The variants of Kwid also received a drop down after GST.
● GST Impact on Honda Cars
Honda is the most demanding brand but after GST They also announced a drop down in their products price.
● GST impact on ford cars
Ford has also decreased it’s price up to 4.5 percent. It would be hard to believe that Ford Endeavor have dropped it’s price up to 3 lakh in the store of Mumbai. And if we talk about Delhi then it was even less. Ford is still to announce the change in price of Mustang.
GST will be expected to be reality in INDIA this july, so i tried to explain some basic concepts of GST in my previous video and in this video i am discussing about Impact of GST on your Dream car. Is car prices gonna increase or decrease, all you will came to know in this video.
If you missed basics of GST video, you can watch it here :- https://www.youtube.com/watch?v=64XLNqIlY00&t=285s
Objective of GST:-
Usher in single rate of tax
Uniform tax across the country
Reduce cascading effect of taxes
Principle of ‘consumption-based taxation’
Components of GST
Central GST (CGST) – Levy on supply of ALL goods and/ or services within a particular State, by the Central Government
State GST (SGST) – Levy on supply of ALL goods and/ or services within a particular State, by the respective State Government
Integrated GST (IGST) – Levy on ALL inter-State supplies of goods and/ or services, by the Central Government
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