The Finance Ministry says it will revise the scheme of imposing luxury tax on vehicles with effect from November 1.
Issuing a statement, the ministry said that vans, cabs, double cabs, motorcycles, and three-wheelers will not be subjected to this tax from next month.
According to the revised regulation, the tax will be applicable to cars and jeeps imported at a cost of more than Rs 3.5 million, hybrid vehicles imported at more than Rs 4 million, and electric vehicles imported at more than Rs 6 million.
The cost of importing would be decided based on the Cost, Insurance and Freight (CIF) value of the vehicle.
The ministry explained that, due to the evolving trends of vehicles, luxury vehicles will not be categorised based on their engine capacities, but based on their specifications.
Accordingly, petrol cars with an engine capacity of less than 1800cc, diesel cars with an engine capacity of less than 2300cc, and electric cars which consume less than 200 megawatts of electricity will be exempted from the tax.
Vehicles for which Letters of credit (LC)’s have been opened until October 31, and have been imported before April 21, 2020 will also be exempted from the tax.
The following vehicles, as said by the Finance Ministry, would be exempted from the luxury tax ;
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