Chris Harding’s Post

Older petrol and diesel cars registered before 2001 set for car tax increases in April: Older petrol and diesel vehicles registered before 2001 will … owning a car, van or motorcycle. Classic car owners will also … #motorcycle #motorcycles #motorbike

Do you know how GST is levied on sale of Demo Cars and whether ITC is available on purchase of such demo cars by the Car Dealer? Check this video to know about how the business model works and levy of GST thereon - https://lnkd.in/g9Hgt6RG This video also covers latest ruling by WB AAR in case of LANDMARK CARS EAST PRIVATE LIMITED, one of the dealer of Mercedez India. Notably, an important principle was laid down in this Ruling regarding issue of ITC reversal in case of resale of goods at a price lower than the purchase price. The relevant excerpt is stated for ready reference- "the provisions of the GST Act nowhere specifies that input tax credit shall not be available in respect of any outward supplies which is made at a price lower than its procurement value" SUBSCRIBE the Channel to learn GST through informative Short videos!! Follow CA. Shiv Kumar Bhasin for more such insightful content and updates on GST!! Dont forget to watch other uploads on the Channel for your knowledge updation!! #tax #gst #gstupdates #indirecttax #indirecttaxation #gstnews #taxadvisory #contentcreation #youtuber #shortsvideo #video #insightful #itc #ca #lawyer #msme #msmeindia #businessadvisory #business #cashivkumarbhasin #law #indianeconomy #businessman #landmark #finance #knowledgesharing #shorts #videos #gstreturn #litigation #taxcompliance #gstnews #cars #automobile #democar #mercedez

"Europe’s carmakers used to rule the world. Now they are fighting battles on every front." "At home, tougher emissions rules are forcing them to sell more electric vehicles, which are less profitable. In China, the rise of local competition is bringing the curtain down on a golden era for German brands. The latest threat is in the U.S., where President-elect Donald Trump champions tariffs." "The automotive industry accounts for roughly 7% of gross domestic product in the European Union—far higher than stateside." "European carmakers planned for a rapid adoption of electric vehicles, spurred by regulators. But after an early burst of enthusiasm, consumers haven’t cooperated, wary of high prices and patchy charging infrastructure." "Starting next year, carmakers will have to sell many more EVs or hybrids in the EU to comply with new limits on carbon-dioxide emissions, or else pay fines." "Even without the technology shift, Europe’s car industry would be struggling. Sales in the region are running almost a fifth below prepandemic levels after a period of high inflation that priced less-affluent buyers out of the new-vehicle market." "Another challenge is rising competition in Europe from Chinese EVs, which are often cheaper. While additional EU tariffs this year have slowed the European expansion plans of companies such as BYD, the policy is encouraging them to build new factories in the trade bloc." "Exports, a traditional strength of Europe’s luxury carmakers, aren’t making up for a smaller, more crowded home market. S&P Global expects vehicle shipments from Europe to total 2.7 million this year, 16% lower than in 2019." #EuropeanCarIndustry #WSJ

Hey everyone! Big news if you're planning to buy a car for your business. Starting from July 1st, 2024, there are new thresholds for car depreciation, GST claims, and Luxury Car Tax in Australia. Let's break it down! Depreciation Limit First up, the car limit for depreciation is now set at $69,674. This means if your car costs more than this, you can't depreciate the full amount. GST Claim For GST claims, the maximum you can claim is one-eleventh of the car limit, which is $6,334. Remember, this applies only to the business use portion of your car. Luxury Car Tax (LCT) And finally, for Luxury Car Tax. The thresholds have increased to $91,387 for fuel-efficient vehicles and $80,567 for other vehicles. Any car above these limits will attract an LCT rate of 33%. #depreciation #cars #car #tax #taxes #Australia #reliableaccountants #accountants #advisors https://lnkd.in/g4T3x49h

To the car industry!! Have you ever thought of a Steering wheel that you can move either side! Or take off and move? Left to right?!! Should save a lot of tax duty and tax?? Just a thought? Dash board , ability to slide both sides as one?!! Just a thought?!! This concept should work well with EXPORTING?!!

Hey everyone! Big news if you're planning to buy a car for your business. Starting from July 1st, 2024, there are new thresholds for car depreciation, GST claims, and Luxury Car Tax in Australia. Let's break it down! Depreciation Limit First up, the car limit for depreciation is now set at $69,674. This means if your car costs more than this, you can't depreciate the full amount. GST Claim For GST claims, the maximum you can claim is one-eleventh of the car limit, which is $6,334. Remember, this applies only to the business use portion of your car. Luxury Car Tax (LCT) And finally, for Luxury Car Tax. The thresholds have increased to $91,387 for fuel-efficient vehicles and $80,567 for other vehicles. Any car above these limits will attract an LCT rate of 33%. #depreciation #cars #car #tax #taxes #Australia #reliableaccountants #accountants #advisors https://lnkd.in/gswBgv5B

Car seats to be taxable @ 28% GST rate on car seats classifiable under 9401 to be increased from 18% to 28%. This uniform rate of 28% will be applicable prospectively for car seats of motor cars in order to bring parity with seats of motorcycles which already attract a GST rate of 28%.

We've updated our Vehicle Excise Duty #VED fact sheet to clarify which vehicles are subject to the Expensive Car Supplement once the exemption for zero-emission vehicles is lifted in 2025. New zero-emission cars registered on or after 1 April 2025 will be liable to pay the lowest first-year rate of VED. If the car has a list price exceeding £40,000, it will be subject to pay the Expensive Car Supplement from year 2 (for 5 years). The Expensive Car Supplement will not be applied to zero-emission cars registered before 1 April 2025. More info and link to fact sheet: https://lnkd.in/eNAaPsw7

This will hit hard!! The decision to classify double cab pick-ups as company cars by default will hit the bottom line of fleets, because cars are more expensive from an income tax and national insurance perspective than vans – this is also true of any associated fuel benefit provided. It will also mean the BIK paid by employees will rise by thousands of pounds a year. Currently all pick-ups are subject to a fixed benefit of £3,960.