Used car sellers should be careful! Now you will have to pay this much GST on selling a used car, big announcement made in the meeting

Auto News Desk – If you are thinking of selling your old car and buying a new car with that money, then there is a worrying news for you, because the government has increased the GST rate on the sale of old vehicles. In simple words, now you will have to spend more money to buy an old car. Because the government has increased the GST rate on the sale of old cars, those buying old cars may now have to spend more money than before. Another thing to keep in mind is that the effect of this decision will be visible on electric cars also.

Now you will have to pay 18 percent tax
The tax rate on old and used vehicles has been increased in the 55th meeting of the GST Council held in Jaisalmer. Earlier the government used to collect GST on it at the rate of 12 percent. Now according to the new decision, tax will be collected at the rate of 18 percent. The thing to note here is that this rule is not going to apply only to petrol-diesel cars. In fact, the effect of this rule is also going to be visible on CNG and electric vehicles. That means, if you buy an old EV, you will have to pay GST at the rate of 18 percent.

The meeting may take place in January also
Bihar Deputy Chief Minister Samrat Chaudhary, who leads the ministerial group on insurance, said another meeting is needed to decide taxation on group, individual and senior citizen insurance policies, which is expected to be held in January. Let us tell you that in the GST Council meeting, many issues including adjustment in rates for various sectors like insurance, luxury products, aviation turbine fuel (ATF) will be discussed. There have been discussions over the past few months that the council is expected to consider proposals aimed at reducing GST rates on premiums for life and health insurance policies.