Commercial vehicles such as those designed for carrying passengers, goods or for agricultural use typically feature a GST on car in India and other vehicles are ranging from 12% to 28%. Before going through the GST (Goods and Services Tax) on Commercial Vehicles, Let’s have a quick look on what is Goods and Service Tax.
The Goods and Services Tax (GST) is a tax imposed on goods and services. It is an indirect tax that has mostly superseded many other indirect taxes in India, such as VAT, services tax, and excise duty. The Goods and Service Tax Act was passed by Parliament on March 29, 2017, and into effect on July 1, 2017. In India, the Goods and Services Tax (GST) is a multi-stage, destination-based tax that is levied on every value addition. GST (Goods and Services Tax) is a single domestic indirect tax law that applies to the entire country.
GST compensation cess of 15% is also applicable over and above applicable GST to commercial vehicles capable of transporting up to 13 people including the driver. This compensation cess is in addition to the GST applicable to the specific vehicle type.
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