Current Affairs - Economy - Discussion

In the 55th GST Council meeting, a decision was made to raise the GST rate on used Electric Vehicles (EVs) from 12% to 18%. This aligns the tax rate on used EVs with that of non-electric vehicles, ensuring uniformity. However, the GST will apply only to the margin value, which is the difference between the purchase and selling price of the used EV, adjusted for depreciation if claimed. Importantly, no GST will apply to individual-to-individual sales, focusing the tax on business transactions.