Council meet: Rates, clarifications
The New Indian Express Tirunelveli|December 22, 2024
EVEN though the GST Council in its 55th meeting in Jaisalmer avoided "thorny" issues such as lowering GST rates on insurance premium and a discussion on rate rationalisation, it did make several changes in the rates of goods and services.
DIPAK MONDAL @ Jaisalmer

Among the major changes announced, the Council decided to increase the GST rate from 12% to 18% on sale of all old and used vehicles, including EVs.

Currently, 18% GST is levied on sale of old and used petrol vehicles of engine capacity of 1200 cc or more & of length of 4000 mm or more; diesel vehicles of engine capacity of 1500 cc or more & of length of 4000 mm and SUVs.

However, finance minister Nirmala Sitharaman clarified the 18% GST would only be levied only on the margin - difference between the purchase price and selling price (depreciated value if depreciation is claimed) and not on the value of the vehicle. The FM also clarified that the GST is not applicable in case of unregistered persons.

The tax rate on caramelised popcorn - that took the social media by a storm on Saturday - has been increased from 5% to 18%.

This story is from the December 22, 2024 edition of The New Indian Express Tirunelveli.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the December 22, 2024 edition of The New Indian Express Tirunelveli.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM THE NEW INDIAN EXPRESS TIRUNELVELIView All
The New Indian Express Tirunelveli

Three-star Blasters down Mohammedan

KERALA Blasters FC players delighted the home crowd to record a dominant 3-0 win over Mohammedan SC in the Indian Super League at the Jawaharlal Nehru Stadium here on Sunday.

time-read
1 min  |
December 23, 2024
The New Indian Express Tirunelveli

Man Utd humiliated, Chelsea held

MANCHESTER UNITED crashed to a humiliating 3-0 home defeat to Bournemouth in the Premier League on Sunday as Ruben Amorim lost for the fourth time in his nine games in charge of the troubled Old Trafford club while Chelsea were held to a goalless draw at Everton.

time-read
1 min  |
December 23, 2024
The New Indian Express Tirunelveli

The making of fast bowler Boland: Cult hero of MCG

ON a hot Saturday afternoon at the AH Butler Oval, Frankston Peninsula Cricket Club was playing against Camberwell Magpies Cricket Club in the local game on the outskirts of Melbourne.

time-read
3 mins  |
December 23, 2024
The New Indian Express Tirunelveli

Mandhana climbs another mountain as India beat West Indies

THERE is a famous bridge that connects the city of Sangli with the rest of the world on the river Krishna called Irwin Bridge.

time-read
2 mins  |
December 23, 2024
The New Indian Express Tirunelveli

Nat'l badminton: Unseeded Adarshini enters semifinals

TAMIL NADU'S Sathish Kumar K, who's the No 1 seed, and Adarshini Shri NB entered the semifinals of the Senior National Badminton Championships in Bengaluru.

time-read
1 min  |
December 23, 2024
The New Indian Express Tirunelveli

KNOW LINEAR AND LATERAL THINKING

As a result of geopolitical tensions, scheduled general elections in India during the mid-year and in the USA towards the end of the year as well as valuations that had sky-rocketed, volatility during 2024 was anticipated by many of us.

time-read
2 mins  |
December 23, 2024
The New Indian Express Tirunelveli

IS ALGORITHMIC TRADING FOR YOU?

TECHNOLOGY should expand the scope of human skills.

time-read
2 mins  |
December 23, 2024
The New Indian Express Tirunelveli

Credit card defaults could hurt you badly now

With SC rejecting 30% cap on credit card interest rates, card issuers will now have more flexibility to set rates

time-read
2 mins  |
December 23, 2024
The New Indian Express Tirunelveli

Banks' profits spike in first 9 mths of 2024

BANKS have raked in as much as ₹2.7 lakh crore in net income in the first nine months of 2024.

time-read
2 mins  |
December 23, 2024
The New Indian Express Tirunelveli

SC judgment nullified; GST Council fixes Safari Retreats' error retrospectively

THE government has 'nullified' the Supreme Court order in the Safari Retreats case that allowed commercial real estate companies to claim input tax credit (ITC) on construction costs for their rental buildings.

time-read
1 min  |
December 23, 2024