Luxury Tax On Cars

The Income Tax department executed a series of raids on Banshidhar Tobacco Company, unearthing a complex web of financial manipulations that extend across various states and even overseas.

A division bench of the Madras High Court on Tuesday expunged the adverse remarks made by a single judge against top Tamil actor Vijay on the issue of entry tax over the import of a luxury car from England in 2012.

At least seven luxury cars were seized on Sunday by transport authorities in Bengaluru for not paying tax and lacking ownership documents, officials said.

The Union Minister of Finance, Nirmala Sitharaman is all set to announce the budget for Financial Year 2021-22, on February 1. Given the eventful year, we have had, the auto industry has some kind of relief expectations from the upcoming budget, considering it was one of the highly impacted sectors. The luxury car segment in particular, which has a...

The surcharge on luxury goods, which varies from 12% to 200%, is part of the national goods and services tax (GST) introduced in 2017, and was due to expire in 2022.

BMW's third-quarter operating profit rose 33 per cent on stronger sales of sports utility vehicles as well as the absence of one-off factors which had depressed earnings a year earlier, the German luxury carmaker said on Wednesday. The Munich-based company said its earnings before interest and taxes (EBIT) rose to 2.29 billion euros ($2.54 billion)...

The auto industry has been going through a slump in volumes since the past eight months and sales continue to remain disappointing as we move into the ninth month of this de-growth. Luxury carmakers have been equally affected by the slowdown and manufacturers collectively asked for relief in the GST rates that might work as a short in the arm for t...

Luxury cars are often under scrutiny for being extravagant purchases, which has resulted in the cars attracting the highest taxation. However, Jaguar Land Rover India's President and Managing Director, Rohit Suri believes that the government should stop classifying luxury cars as sin goods and reduce the tax burden on such vehicles. In a statement ...

Nirav Modi owned 173 paintings worth nearly Rs 58 crores and 11 vehicles including a Rolls Royce, Porche and Mercedes, the Enforcement Directorate said in a statement after the jeweller's arrest in London on Wednesday, a year after allegations of loan fraud surfaced against him. The paintings and vehicles have been seized and will be sold to raise ...

The move could give a strong push to the passenger vehicles sales which otherwise have been cruising in the slow lane in the second and third quarter of Fiscal Year 2018-19 and the industry isn't expecting the performance to improve significantly even in the last quarter. Moreover, luxury carmakers like Mercedes-Benz, BMW, Audi, Volvo and Jaguar La...

A top executive of the beleaguered Amrapali group has to furnish by Thursday details of the benefits he received from the firm, after the Supreme Court was told that he got a luxury car worth Rs 43 lakh. A total of Rs 2 crore was also paid as income tax of chief financial officer (CFO) Chander Wadhwa by a sister company of the Amrapali group, foren...

An assistant engineer of Noida Authority has been suspended after assets worth more than Rs 200 crore were revealed in an Income Tax raid at his home. During the raid that went on for three days, the officials recovered luxury cars, jewellery, cash, and documents related to property and luxury trains. The Income Tax Department has sealed all his ac...

In yet another unexpected move, the Lok Sabha has approved a bill to hike Cess on luxury vehicles from 15 per cent to 25 per cent. The Cess will be applicable along with the 28 per cent GST that is already applicable on cars that are over the 4-metre length category. In a statement, the Finance Minister Arun Jaitley said that the Cess on luxury car...

The Bill seeks to replace the Ordinance which was issued in September to give effect to the decision of the GST Council.

Following the increase of cess from 15 per cent as part of the original GST rates (43 per cent tax - 28 per cent GST + 15 per cent cess) to 20 per cent cess for luxury cars and 22 per cent cess for SUV, Jaguar India has had to increase prices cross the range. The increase on the cars and SUVs ranges from about Rs 80,000 to about Rs 10 Lakh dependin...

The Income Tax department executed a series of raids on Banshidhar Tobacco Company, unearthing a complex web of financial manipulations that extend across various states and even overseas.

A division bench of the Madras High Court on Tuesday expunged the adverse remarks made by a single judge against top Tamil actor Vijay on the issue of entry tax over the import of a luxury car from England in 2012.

At least seven luxury cars were seized on Sunday by transport authorities in Bengaluru for not paying tax and lacking ownership documents, officials said.

The Union Minister of Finance, Nirmala Sitharaman is all set to announce the budget for Financial Year 2021-22, on February 1. Given the eventful year, we have had, the auto industry has some kind of relief expectations from the upcoming budget, considering it was one of the highly impacted sectors. The luxury car segment in particular, which has a...

The surcharge on luxury goods, which varies from 12% to 200%, is part of the national goods and services tax (GST) introduced in 2017, and was due to expire in 2022.

BMW's third-quarter operating profit rose 33 per cent on stronger sales of sports utility vehicles as well as the absence of one-off factors which had depressed earnings a year earlier, the German luxury carmaker said on Wednesday. The Munich-based company said its earnings before interest and taxes (EBIT) rose to 2.29 billion euros ($2.54 billion)...

The auto industry has been going through a slump in volumes since the past eight months and sales continue to remain disappointing as we move into the ninth month of this de-growth. Luxury carmakers have been equally affected by the slowdown and manufacturers collectively asked for relief in the GST rates that might work as a short in the arm for t...

Luxury cars are often under scrutiny for being extravagant purchases, which has resulted in the cars attracting the highest taxation. However, Jaguar Land Rover India's President and Managing Director, Rohit Suri believes that the government should stop classifying luxury cars as sin goods and reduce the tax burden on such vehicles. In a statement ...

Nirav Modi owned 173 paintings worth nearly Rs 58 crores and 11 vehicles including a Rolls Royce, Porche and Mercedes, the Enforcement Directorate said in a statement after the jeweller's arrest in London on Wednesday, a year after allegations of loan fraud surfaced against him. The paintings and vehicles have been seized and will be sold to raise ...

The move could give a strong push to the passenger vehicles sales which otherwise have been cruising in the slow lane in the second and third quarter of Fiscal Year 2018-19 and the industry isn't expecting the performance to improve significantly even in the last quarter. Moreover, luxury carmakers like Mercedes-Benz, BMW, Audi, Volvo and Jaguar La...

A top executive of the beleaguered Amrapali group has to furnish by Thursday details of the benefits he received from the firm, after the Supreme Court was told that he got a luxury car worth Rs 43 lakh. A total of Rs 2 crore was also paid as income tax of chief financial officer (CFO) Chander Wadhwa by a sister company of the Amrapali group, foren...

An assistant engineer of Noida Authority has been suspended after assets worth more than Rs 200 crore were revealed in an Income Tax raid at his home. During the raid that went on for three days, the officials recovered luxury cars, jewellery, cash, and documents related to property and luxury trains. The Income Tax Department has sealed all his ac...

In yet another unexpected move, the Lok Sabha has approved a bill to hike Cess on luxury vehicles from 15 per cent to 25 per cent. The Cess will be applicable along with the 28 per cent GST that is already applicable on cars that are over the 4-metre length category. In a statement, the Finance Minister Arun Jaitley said that the Cess on luxury car...

The Bill seeks to replace the Ordinance which was issued in September to give effect to the decision of the GST Council.

Following the increase of cess from 15 per cent as part of the original GST rates (43 per cent tax - 28 per cent GST + 15 per cent cess) to 20 per cent cess for luxury cars and 22 per cent cess for SUV, Jaguar India has had to increase prices cross the range. The increase on the cars and SUVs ranges from about Rs 80,000 to about Rs 10 Lakh dependin...