GST's impact on existing car lease rentals
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The new indirect tax scheme called GST is supposed to significantly streamline the levy and collection of indirect taxes in India.
However, an unintended consequence of this tax has hit those who have financed their cars under a lease. My lease company (lessor) has informed me that from July 1st, my lease rental will go up by 30% due to GST rate of 43% that will be levied on my car. The reason behind this is that I am being asked to not only pay GST of 28% but also a cess of 15% on top. I can't imagine that this was an intention behind the roll out of GST. I am paying all my taxes diligently through my employer. I don't understand why I am being further burdened with this additional cost. I would kindly request the honorable finance minister to look into this and correct the anomaly.
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