Technoglitch
Core Member
The finance minister had announced a "luxury tax" of 1 per cent to be levied on all cars priced over Rs. 10 lakh from June 1.
This extra tax will be collected by the seller of the car and will be applicable on the ex-showroom price.
However, this extra payment could be set off against the total tax liability of the buyer.
Apart from this, services will become costlier from June 1 which means you will have to shell out more for dinning out, travelling, making phones calls buying insurance and property. The "Krishi Kalyan" cess of 0.50 per cent will be levied on all services from June 1.
This 0.50 per cent increase will raise the service tax rate to 15 per cent from 14.5 per cent.
The finance minister had last year raised the service tax from 12.36 per cent (including education cess) to 14 per cent. It was again hiked by another 0.50 per cent on account of "Swatch Bharat" cess in November to 14.50 per cent.
Get Ready To Pay More For Cars, Eating Out, Phone Calls – NDTV Profit
This extra tax will be collected by the seller of the car and will be applicable on the ex-showroom price.
However, this extra payment could be set off against the total tax liability of the buyer.
Apart from this, services will become costlier from June 1 which means you will have to shell out more for dinning out, travelling, making phones calls buying insurance and property. The "Krishi Kalyan" cess of 0.50 per cent will be levied on all services from June 1.
This 0.50 per cent increase will raise the service tax rate to 15 per cent from 14.5 per cent.
The finance minister had last year raised the service tax from 12.36 per cent (including education cess) to 14 per cent. It was again hiked by another 0.50 per cent on account of "Swatch Bharat" cess in November to 14.50 per cent.
Get Ready To Pay More For Cars, Eating Out, Phone Calls – NDTV Profit
