Get Set GST: How to plan your buys in one nation one tax regimeThere is going to be a standard 28 per cent tax on vehicles and over that a cess of 1, 3 or 5 per cent depending on the classification of cars. Tax on small cars after GST regime sets in will be levied between 29-30 per cent, whereas before it was 26-28 per cent. Mid segment cars under GST regime will be taxed at 43 per cent as opposed to 41.5 per cent earlier. But GST rings in good news for those planning to buy luxury cars as they will taxed at 43 per cent as opposed to mammoth tax rate up to 55 per cent earlier.

Source: India Today June 30, 2017 03:22 UTC