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Additional cess above GST to be removed on used car sales

NEW DELHI: Good news seems to be in the offing for the used car market. The additional cess of 15 percent that was to be imposed on certain categories of second hand vehicles will now not be chargeable, according to a recent notification by the Under-secretary to the Government of India. For instance certain categories of larger vehicles in the above 4 metre range were ... Read More »

No GST On Used Car Sold By Individual

The Revenue Department today clarified that sale of old jewellery as well as old vehicles by individuals will not attract any GST as the sale is not for furthering any business.Clarifying on Revenue Secretary Hasmukh Adhia’s comments yesterday, the department issued a press statement saying it was informed at GST Master Class yesterday that “purchase of old gold jewellery by ... Read More »

Used-Car ‘Time Bomb’ Expected to Drag on U.S. Auto Sales

It’s going to be tough to beat last year’s record U.S. sales of 17.55 million cars and trucks, according to a new study released Wednesday by AlixPartners. The consultancy expects a total of more than 1 million vehicles to come off lease last year and this year, creating a “used-car time bomb” that drags on demand for new autos. For the ... Read More »

This Simple Service Will Save You Thousands on a New Car

Buying a new car is a hassle. Even after you’ve determined which make and model you’re set on, you’ve got to put on your armor and mentally prepare yourself for battle with the salespeople at the dealership. You just know they can go lower on price and things can quickly devolve into a test of willpower, with you holding your ground to ... Read More »

Accelerator on AI, cars set to vroom into the future

Collaboration between carmakers, automobile OEMs and tech companies critical as market will be driven by shared mobility, connectivity services and feature upgrades. Key highlights Increased collaboration between Apple and Google in over 200 car models. Bosch and Continental can work with various cloud providers and device manufacturers for car services. Future is in data and the car is a device. ... Read More »

GST impact on the used car market: Here is how much your new but pre-owned car would now cost

GST or Goods and Services Tax came as a good decision for the Indian automotive industry. A number of segments witnessed a considerable drop in their ex-showroom price which includes the requisite tax. Cars categorised in the SUV segment as well as most other segments have seen a considerable drop in prices. Annoyingly though, hybrids are now more expensive while ... Read More »

GST Rate on Used Cars: Creating An Unintended Challenge for the Automotive Industry

Watching the proceedings in the central hall of the Parliament last night, one couldn’t help but feel the significance of the moment. We saw history in the making, no doubt, and a strong signal to the world that Indian reforms are well on their way. A transformation of this scale and scope is undoubtedly complex and will also be accompanied ... Read More »

Best 4th Of July Deals On ‘All-American’ Cars, Trucks And SUVs

The Chevrolet Corvette Stingray is among the “most American” models having the highest percentage of domestic content, and is being offered for the 4th of July weekend with 10% off the MSRP, along with other discounts. (AP Photo/Paul Sancya) The 4th of July is the most patriotic of our national holidays, and most of us celebrate the adoption of the ... Read More »

Carvana notches wins on Wall Street Online used-vehicle retailer sees a path to growth and profitability

Carvana, known for its vehicle vending machines, here and below, never has made a profit. But the Phoenix company has been expanding rapidly with a targeted strategy. Carvana Co. might still be bleeding money, but that has not stopped Wall Street analysts from liking what they see from the online used-vehicle retailer. Carvana this month reported a $38.4 million loss ... Read More »

Sale of used cars: GST only on margins made by dealer, says Adhia

The GST rates for second-hand car transactions will be the same as the new cars of the same make — 29 per cent for small cars or 43 per cent for all the other cars. The sale of second-hand cars on the vendor platforms will attract goods and services tax (GST) only on the margins made by the dealer, revenue ... Read More »