Now you have to pay more tax on luxury cars. The Government has decided to add one per cent additional tax on cars above 10 lakh price. The government has decided so in order to reduce the black money, and the cash transactions. From This June 2016, this will be executed. Premiums from the purchaser to the individual who sold the auto to be saved in the administration account.
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Additional Tax will be Charged on Luxury Cars – Jaitley Announced
The 2016 changes to the Finance Bill, the administration has clear procurement in such manner. Parliament on Thursday affirmed the Finance Bill. Government Act of 1961, altering Section 206-C of 10 lakhs to one per cent tax on costly cars, this procurement is included.
The Finance Ministry, in this segment, has done another imperative alteration. In like manner, on an installment of Rs two lakh serving more than one for each penny duty will be charged.
Sources said the legislature stepped in the nation’s quickly developing number of costly autos. The vast majority that comes to see the money to purchase extravagance cars, the new procurement will like wise realize that the IT office would buy a car that is not the individual the citizen.
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