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GST Council Meeting: Today the 48th meeting of the GST Council concluded. Many important decisions were taken in the meeting. The definition of Sports Utility Vehicles (SUV) has been decided under the chairmanship of Finance Minister Nirmala Sitharaman. It has been decided that now SUVs will attract 22% Compensation Cess.
Giving information in this matter, the Finance Minister said that all the vehicles sold at expensive rates have been put in the category of SUVs. Hence, such vehicles are colloquially called SUVs.
The definition of SUV was decided in the meeting
The definition of SUV vehicles has been decided in the GST Council meeting. It has been said that vehicles with a capacity of more than 1500CC, length of more than 4000 mm and ground clearance of more than 170 mm are called SUVs. Also, the Finance Minister told that in this meeting the new definition of SUV has been given.
It has been told in the meeting that 28% GST and 22% cess will be levied on these SUVs with a capacity of more than 1500 CC, length of more than 4000 mm and ground clearance of more than 170 mm. In such a situation, the effective tax rate on this will be 50 percent. Along with this, the Finance Minister also said that the SUV and MUV category of vehicles started till the discussion when it was completed whether the sedan should be put in the SUV category or not.
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Vehicle industry welcomed the decision
The vehicle industry body SIAM has welcomed the government’s decision only after the new definition of SUV was given in the GST meeting. The body said that the decision was taken exactly according to the discussion on this matter with the Finance Ministry. Now the government has made it very clear that on which vehicles 28 percent GST and 22 percent compensation cess will be levied.
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