Cabinet approves promulgation of GST (Compensation to States) Ordinance, 2017

Finance minister Arun Jaitley on Tuesday said GST collections for July has exceeded estimates

The Union Cabinet today officially approved the hike in the Goods and Services Tax (GST) cess on luxury cars and SUVs to 25 percent from the earlier 15 percent. However, the latest government move to increase the ceiling on the additional cess on automobiles from 15% to 25% on larger cars and SUVs, is a big disappointment.

India's maiden GST collections hit Rs92,283 crore in July, surpassing the target, Finance Minister Arun Jaitley said Tuesday. In the next meeting on September 9, the Council will decide the date on which the cess will become applicable.

The vehicles that fall under headings 8702 and 8703 include mid-segment, large cars, SUVs and motor vehicles which can carry more than 10 persons, but less than 13. 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. It has been initiated at the behest of the states that complained about price of so-called luxury vehicles coming down after the implementation of the new regime.

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Raising the levy will make luxury cars and SUVs more expensive and could hurt sales of companies like Mercedes-Benz, BMW, Volvo and Jaguar Land Rover, owned by Tata Motors.

The minister said that if budget estimates are extrapolated to arrive at a monthly collection number, the Centre should have got Rs 48,000 crore and all states put together another Rs 43,000 crore. An addition of central sales tax and octroi came out to be 2.5%. "This will surely prove that the overall effect with a lower cess percentage of 15% is generating higher tax revenues than expected", is Ansari's suggestion.

However, he added, the actual cess on different classes of vehicles and as to when it will be implemented is to be decided by the GST Council.

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GST Collections For First Month Exceed Targets! FM Jaitley said after the implementation of GST, Rs 92,283 crore revenue has been received in July.

"You will have to wait for few more months to study the pattern". As the cabinet has approved hike in GST cess, the price cuts will be reversed.

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