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Cars priced over Rs 10 lakh to cost extra GST

According to a recent directive by the Central Board of Indirect Taxes and Customs (CBIC), consumers will have to shell out more to buy cars priced above Rs 10 lakh. The CBIC clarified that GST will be payable on the taxable value comprising of the invoice value and tax collected at source (TCS) by the supplier from the buyer. TCS is applicable on automobiles priced above Rs 10 lakh at the rate of 1%. The buyer is entitled to claim credit of TCS paid under income tax law. The directive will also impact the telecom, minerals and coal sectors. 

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