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GST on old used cars only when sale price higher than depreciated value

New Delhi (PTI) A registered person will have to pay GST on sale of old and used vehicle only if the seller has earned a margin, which is the selling price is higher than the depreciation adjusted cost price of the vehicle, sources said. The GST Council in its meeting last week decided to prescribe a single rate of 18 per cent on sale of all old and used vehicles including EVs, earlier leviable at different rates. If an individual sells old and used car to another individual, GST would not be applicable. Sources said where the registered person has

PIL in Supreme Court seeks abolition of TDS system, cites constitutional violations

New Delhi (PTI) A PIL filed in the Supreme Court on Thursday sought to scrap the TDS system calling it “arbitrary and irrational” and violative of various fundamental rights, including equality. The PIL challenged the tax deducted at source or TDS framework under the Income Tax Act, which mandates the deduction of tax at the time of payment by the payer and its deposit with the income tax department. The deducted amount is adjusted against the payee’s tax liability. The plea filed by lawyer Ashwini Upadhyay through advocate Ashwani Dubey, made the Centre, ministry of law and justice, law commission,

Govt considers cutting personal income tax to lift consumption, sources say

NEW DELHI, Dec 26 (Reuters) – The government is considering cutting income tax for individuals making up to 1.5 million rupees ($17,590) a year in February’s budget to provide relief to the middle class and boost consumption as the economy slows, two government sources told Reuters. The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they opt for a 2020 tax system that strips exemptions like housing rentals. Under that system, annual income of 300,000 rupees to 1.5 million rupees is taxed at between 5% to 20%. Higher income draws 30%.

Rupee ends at record closing low for 3rd straight session as dollar firms

MUMBAI, Dec 26 (Reuters) – The Indian rupee settled at a record closing low for a third consecutive session on Thursday, pressured by a firm dollar and importers’ month-end dollar demand. The rupee ended at 85.2625 to the dollar, against 85.20 in the previous session. It hit an all-time low of 85.2825 earlier in the session. “Importers were pretty active in the session, while trading volumes were relatively low towards the year-end,” a trader with a private bank said. The rupee’s drop to 85 from 84 happened over two months, while the decline to 84 from 83 took nearly 14

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