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super ace 777 Some decisions by the Goods & Services Tax (GST) Council at its meeting on Saturday triggered a meme fest over the weekend. It's decision to clarify tax rate applicable on various types of popcorn and sale of used or old cars have been at the centre of criticism. ET Year-end Special Reads Top 10 equity mutual funds of the year. Do you have any? How India flexed its global power muscles in 2024 2024 was the year India became the talk of America A look at the decisions: What tax rates does the clarification specify? Ready-to-eat popcorn, with salt & spices: 5% Popcorn sold in pre-packaged form under a label: 12% Caramelised popcorn or popcorn with added sugar: 18% Entrepreneurship Building Your Winning Startup Team: Key Strategies for Success By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Web Development Intermediate Java Mastery: Method, Collections, and Beyond By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Marketing Digital Marketing Masterclass by Pam Moore By - Pam Moore, Digital Transformation and Social Media Expert View Program Office Productivity Excel Essentials to Expert: Your Complete Guide By - Study At Home, Quality Education Anytime, Anywhere View Program Web Development A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Entrepreneurship Boosting Startup Revenue with 6 AI-Powered Sales Automation Techniques By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Entrepreneurship Validating Your Startup Idea: Steps to Ensure Market Fit By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Web Development Advanced C++ Mastery: OOPs and Template Techniques By - Metla Sudha Sekhar, IT Specialist and Developer View Program Data Analysis Animated Visualizations with Flourish Studio: Beginner to Pro By - Prince Patni, Software Developer (BI, Data Science) View Program Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program Design Microsoft Designer Guide: The Ultimate AI Design Tool By - Prince Patni, Software Developer (BI, Data Science) View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Basics of Generative AI: Unveiling Tomorrows Innovations By - Metla Sudha Sekhar, IT Specialist and Developer View Program Data Science SQL Server Bootcamp 2024: Transform from Beginner to Pro By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance Value and Valuation Masterclass By - CA Himanshu Jain, Ex McKinsey, Moody's, and PwC, Co - founder, The WallStreet School View Program Data Analysis Learn Power BI with Microsoft Fabric: Complete Course By - Prince Patni, Software Developer (BI, Data Science) View Program Finance Crypto & NFT Mastery: From Basics to Advanced By - CA Raj K Agrawal, Chartered Accountant View Program Finance A2Z Of Finance: Finance Beginner Course By - elearnmarkets, Financial Education by StockEdge View Program Data Science MySQL for Beginners: Learn Data Science and Analytics Skills By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI for Everyone: Understanding and Applying the Basics on Artificial Intelligence By - Ritesh Vajariya, Generative AI Expert View Program Is there a change in rates? No. The GST Council has reiterated the tax rates that were applicable. Why are there three different rates? Products with salt and added sugar fall in different categories under the harmonised system of nomenclature. All products with added sugar are classified under a HSN group that faces 18% tax whereas salted and spices are classified differently and face a lower tax rate. Old & Used Cars Tax regime prior to GST Council meeting 1.Old and used, petrol, Liquefied petroleum gases (LPG) or compressed natural gas (CNG)-driven motor vehicles of engine capacity of 1200 cc or more and length of 4,000 mm or more: 18% 2. Old and used, diesel-driven motor vehicles of engine capacity of 1500 cc or more and of length of 4,000 mm: 18% 3. Old and used motor vehicles of engine capacity exceeding 1500 cc, popularly known as Sports Utility Vehicles (SUVs) including utility vehicles: 18% 4 All old and used vehicles other than these mentioned in S. No. 1 to S. No. 2: 12% 5. All old and used electric vehicles: 12% What did the union government propose-reduction in tax to 5% GST Council decided to make the tax rate uniform for all categories at 18%. Who are liable to pay GST on the sale of old and used vehicles? Only registered persons such as businesses involved in purchase and selling of old and used vehicles, etc, are liable to pay GST. Is GST applicable if an individual sells old and used car to another individual? No. GST is not applicable in this case. Is the GST payable on sale value of the old and used vehicle? GST is payable only on the value representing the margin of the supplier-the difference between consideration received for the supply of such goods and the depreciated value of such goods on the date of supply, where the registered person has claimed depreciation under Section 32 of the Income Tax Act, 1961. In cases where such margin is negative, no GST is payable. For example: Suppose a registered person is selling an old and used vehicle to any person at ₹10 lakh, where the purchase price of the vehicle by the registered person was ₹12 lakh, then he is not required to pay any GST. In cases where the purchase price of the vehicle was ₹20 lakh and the selling price is ₹22 lakh, GST will be payable on the margin of supplier, that is, ₹2 lakh. (You can now subscribe to our Economic Times WhatsApp channel )

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