Gst rate on lease rental of bmw car
This query is : Resolved
01 November 2017
Dear Sir,
Am working in a private company. we have received a bill from the vendor against the BMW car supplied on monthly lease rental basis. This BMW car is for company Managing director.
He charged CGST 9.1%, SGST 9.1 % and cess of 13%. on the lease rental value.
Is the above rates of gst and cess is correct ?
Can you share the soft copy of rates pls.
Thanks & Regards
KCR
Am working in a private company. we have received a bill from the vendor against the BMW car supplied on monthly lease rental basis. This BMW car is for company Managing director.
He charged CGST 9.1%, SGST 9.1 % and cess of 13%. on the lease rental value.
Is the above rates of gst and cess is correct ?
Can you share the soft copy of rates pls.
Thanks & Regards
KCR
01 November 2017
If its just hiring the vehicle than GST would have been 5%. However, for Car leases, different slabs given based on cubic capacity of vehicles.
Under GST, a mid-sized sedan taken on lease will be taxed at the same rate as a new car, i.e. 28% GST+ 15% cess i.e., 43%
Under GST, a mid-sized sedan taken on lease will be taxed at the same rate as a new car, i.e. 28% GST+ 15% cess i.e., 43%
01 November 2017
Can you make it clear what would the rate if it is financial lease.
Is any cess rate for lease in addition to GST rate ?
Is any cess rate for lease in addition to GST rate ?
01 November 2017
I have modified the reply.. please recheck and put further query in case needed.
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