Reverse 43% GST on Car Lease
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Do you know that as part of GST roll out 15% VAT on Car Leases has been increased to an outrageously high 43% GST.
1. Finance ministry seems to be highly focussed on ensuring that they can extract maximum taxes from the middle class salaried tax payer. Just don't understand the rationale behind trying to break the back of middle class salaried tax payer with an additional 28% GST.
2. This move also will become a big detterent for cab aggregators like Ola and Uber to allow leasing cars to new drivers and make it commercially unviablw for existing drivers to keep their cars.
3. Car leasing companies like Orix and Avis are bound to go out of business with this move. Loads of employees will lose their jobs. Who in their rights mind will lease cars at 43% GST on lease over and above all other taxes and road tax?
4. This clearly does not help 'Make in India' initituve as Vehicle sales are bound to take a hit.
I request the GST council to review this decision as it seems to be counter productive for all stakeholders involved. I don't see any one gaining from this move. Recommend aligning GST on leased cars to 18% as all other taxes and Road taxes are already paid on leased vehicles.
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