Small Used Cars: If you are thinking of buying used cars or electric vehicles up to 1200cc, then there may be bad news for you, because GST Council is now going to increase the tax.
Small Used Cars/EV 18% GST Regime
- In petrol used cars, engine capacity of 1200cc or more, length is 4000mm or more
- Used SUVs and EVs with engine capacity of 1500cc or more, 4000mm length will be charged 18% GST.
- Earlier it was 12%, now it will be 18% on used electric cars as well
- For he last few years the Indian used-car market is growing significantly
- This new change in GST rate is going to impact registered dealers.
In petrol used cars, the engine capacity of which is 1200cc or more and the length is 4000mm or more and SUVs with engine capacity of 1500cc or more and 4000mm length will be charged 18% GST.
Earlier it was 12%, now it will be 18% on used electric cars as well. Because for the last few years the Indian used-car market is growing significantly. This new change in GST rate is going to impact registered dealers.
Used Car Market Key Player
- Valuation of the used car market as of 2024 is 31.62 billion USD
- Which is expected to reach 63.67 billion USD by 2029
- In India, it includes some new age players and old players
- Maruti Suzuki True Value is at number one, Tata Motor Assured is at number two and Cars 24 is at number three
- 10 million units of used cars are expected to be sold by 2028
The valuation of the used car market as of 2024 is 31.62 billion USD, which is expected to reach 63.67 billion USD by 2029. In India, it includes new age players and old players.
Maruti Suzuki True Value is at number one, Tata Motor Assured is at number two and Cars 24 is at number three. 10 million units of used cars are expected to be sold by 2028.
