GST on Electric Vehicles

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As we know Electric vehicles are going to be the future of the automobile industry. Also, it plays a significant role in all sectors of the automobile sectors. It provides eco-friendly nature, healthy atmosphere and contributing to intensifying the environment. In this article, we will discuss GST on electric vehicles and also the significance of GST Registration.

Before explaining the GST on electric vehicles now you need assuring some facts about the GST (Goods and Services tax).

Understand About GST

GST is an imperative Indirect Tax that has applied to the trade, production, and consumption of goods and services over the nation. It is a separate tax standard for the number of goods from the operative to the user. GST is appropriate only for purpose extension at each stage. However, GST registration is essential for registering the business of vehicles

GST on Electric Vehicles

The Indian government currently charges a GST of 5 per cent for electric vehicles. Whereas, for internal combustion-powered vehicles, it imposed on 28 per cent GST.

SAC Code applicable to Vehicles

The following SAC (Service Accounting Code) has been established for the different Books in India.

  • SAC Code 9987 – Maintenance, repair and installation (except construction) services
  • SAC Code 99871 – Maintenance and repair services of fabricated metal products, machinery and equipment
  • SAC Code 998714– Maintenance and repair services of transport machinery and equipment

GST on Fish, Fish Products and Seafood

In case, you require any kind of direction associated with the GST registration, GST return filing procedure, or any other GST compliance, please feel free to communicate with our business advisors at 8881-069-069.

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