#Petrol under GST

[townpostin]

Singhbhum Chamber Delegation Engages with GST Commissioner on Key Issues

Business leaders discuss GST integration of petrol and diesel, among other pressing concerns. A delegation from the Singhbhum Chamber of Commerce and Industry met with Central GST Commissioner Binod Kumar Gupta to address significant GST-related issues ahead of the upcoming council meeting. JAMSHEDPUR – Led by General Secretary Manav Kedia, a delegation from the Singhbhum Chamber of Commerce and…

[komakiblogs]

How Much Can You Save with an Electric Bike? A Breakdown of Ownership Costs

Electric bikes are becoming the go-to choice for urban commuters in India due to their affordability and environmental benefits. While many hesitate because of the initial price, the long-term savings with an electric bike far outweigh the upfront cost. In this blog, we break down the total ownership costs of an electric bike and compare them with a petrol bike to see how much you can actually save.

Initial Investment: Is an Electric Bike More Expensive?

A major concern for buyers is the cost of purchasing an electric bike. Here’s how electric bikes compare to petrol bikes in terms of upfront expenses:

Electric Bike Price: ₹90,000 - ₹1.5 lakh

Petrol Bike Price: ₹80,000 - ₹1.3 lakh

While electric bikes might seem slightly more expensive, government subsidies significantly reduce their cost. Under the FAME II scheme, buyers get subsidies up to ₹15,000 per kWh, making electric bikes more affordable than they appear.

Fuel Costs vs. Charging Costs: Where the Real Savings Begin

Fuel expenses are one of the biggest ongoing costs for any bike owner. This is where electric bikes provide massive savings.

Petrol Bike Fuel Costs:

Average mileage: 45 km per liter

Fuel price: ₹100 per liter (approximate)

Monthly travel: 1,000 km

Monthly fuel cost: ₹2,200

Annual fuel cost: ₹26,400

5-year fuel cost: ₹1.32 lakh

Electric Bike Charging Costs:

Battery capacity: 3 kWh

Per charge range: 100 km

Electricity rate: ₹8 per kWh

Monthly charging cost: ₹240

Annual charging cost: ₹2,880

5-year charging cost: ₹14,400

By switching to an electric bike, you save ₹1.17 lakh in fuel costs over five years.

Maintenance Costs: Lower Expenses with Electric Bikes

Electric bikes have fewer moving parts, eliminating the need for regular servicing like petrol bikes.

Petrol Bike Maintenance Costs:

Regular servicing: ₹2,500 every 4 months

Annual maintenance cost: ₹7,500

5-year maintenance cost: ₹37,500

Electric Bike Maintenance Costs:

No oil changes, fewer repairs

Annual maintenance cost: ₹1,500

5-year maintenance cost: ₹7,500

That’s an additional ₹30,000 saved with an electric bike.

Battery Replacement: A Cost to Consider

The biggest long-term cost of an electric bike is battery replacement. Most lithium-ion batteries last 4-5 years before requiring a replacement, costing between ₹30,000 - ₹50,000. However, these costs are easily offset by fuel and maintenance savings.

Government Incentives and Tax Benefits

To make electric bikes more accessible, the Indian government offers several incentives:

FAME II subsidy: Reduces the cost by up to ₹20,000.

GST reduction: Only 5% GST on electric bikes compared to 28% for petrol bikes.

State incentives: Some states provide additional subsidies, making electric bikes even cheaper.

Total Savings with an Electric Bike Over 5 Years

Let’s look at the total cost of ownership and savings over five years: Cost FactorPetrol Bike (₹)Electric Bike (₹)Savings with Electric Bike (₹)Fuel/Charging Cost1,32,00014,4001,17,600Maintenance Cost37,5007,50030,000Battery Replacement040,000(-40,000)Government Incentives0(-20,000)20,000Total Cost Over 5 Years₹1,69,500₹41,900₹1,27,600 saved

Conclusion

The long-term savings with an electric bike are undeniable. Despite the upfront cost and battery replacement, electric bike owners save over ₹1.27 lakh in just five years. With increasing fuel prices and government incentives, switching to an electric bike is a financially smart decision for any commuter in India.

[salesmandiary]

"Beyond the Budget: Taking Control of Financial Future"

“In this world nothing can be said to be certain except death & taxes.” — Benjamin Franklin

Saturday 1st, Feb is the day when we’ll learn how much tax we’ll owe for the financial year . Yes, it’s Budget Day—a moment that stirs curiosity, debates, and, often, polarizing opinions. However, this blog isn’t about predicting what the Finance Minister might announce. In fact, it’s quite the opposite of the frenzy we’ll witness.

The Budget Buzz

Budget Day, the airwaves will be dominated by analyses on the Budget. News channels, social media, and newspapers will dissect every word of the Finance Minister’s speech. The stock market will respond in real-time, financial experts will weigh in, and everyone—from salaried employees to small business owners—will look for potential benefits.

Salaried individuals will seek tax relief, business owners will hope for incentives, and farmers will anticipate supportive measures. This script rarely changes. One thing I can predict with certainty is the reaction:

The ruling party and its allies will hail it as the most comprehensive and people-friendly Budget ever presented.

The opposition, as always, will lament the lost opportunity, claiming it favors the rich over the common man, farmers, and small businesses.

Different words, but the same sentiment, year after year, since 1947.

Do We Really Control the Budget?

Once the Budget is presented and passed in Parliament, do we have any control over it? No. The taxes announced will be levied, and we must comply. So, is there a point in excessive discussions or heated debates over it?

Take fuel prices, for instance. I remember a social media post I shared during a previous government’s tenure when petrol prices touched ₹65 per liter, sparking public outrage and criticism. Today, the price in Vadodara stands at ₹95 per liter. Despite different political parties ruling at the state and central levels, significant reductions in fuel taxes haven’t happened. Why? Because these are crucial revenue sources for governments.

Similarly, petroleum products, alcohol, and electricity remain outside GST’s scope, continuing under old excise and VAT structures. These taxes are adjusted by both state and central governments, irrespective of the party in power. Revenue needs drive these decisions, as we saw when liquor stores were among the first to reopen during the lockdown.

What Should We Focus On?

The moral of the story is simple: Governments will present their Budgets, and taxes will remain certain. What’s in our control is our personal income and expenditure.

Rather than getting lost in debates about what the government is doing for the country, it’s time to shift focus inward. Prepare our own budget. Track our earnings, Investments and expenses. Find ways to increase income and reduce unnecessary spending.

By doing so, we’ll not only benefit ourself and our family but also contribute positively to the country. After all, a financially secure citizenry is the backbone of any economy.

Let’s Make the Shift

Instead of relying solely on government Budgets, let’s take charge of our own financial planning. Start small, stay consistent, and make budgeting a part of your life.

[humansofev]

Do you think EV's are too Expensive?

Are EVs Too Expensive?  Who Really Benefits from Making the Switch?

Electric Vehicles (EVs) are everywhere in the news, but the first question people often ask is: Are they worth the price? With India gearing up for a cleaner future, EVs seem like the perfect solution. But the common complaint we hear is that they’re “just too expensive.” Are they really? Or is this one of those myths we need to bust?

Let’s break it down and see if EVs are actually as pricey as they seem—or if they’re the secret bargain of the decade.

1. It’s Not Just About the Price Tag

It’s no secret—EVs come with a higher upfront price tag. Take the Tata Nexon EV, for example, which starts around ₹14 lakhs, compared to its petrol counterpart at ₹8 lakhs. This sticker price can scare off potential buyers who might not realize the real value an EV provides over time.

But what if I told you the total cost of owning an EV over 8 years could be up to 50% lower than that of a petrol car? According to a study by the International Council on Clean Transportation (ICCT), when you factor in fuel savings, maintenance costs, and government incentives, EVs are significantly cheaper in the long run. And with petrol prices now hovering over ₹100 per liter, the cost difference becomes even clearer.

2. The Real Price You Pay for Petrol

Let’s face it: petrol isn’t getting any cheaper. Over the lifespan of a vehicle, a daily commuter could easily spend ₹8-10 lakhs on fuel alone. Meanwhile, charging an EV for the same period costs only ₹1-1.5 lakhs. That’s a massive difference that could more than make up for the higher upfront cost of an electric car.

For example, if you commute about 50 km a day, the cost of driving a petrol car could easily rack up to ₹6,000-₹7,000 a month on fuel. In comparison, the electricity bill for charging an EV could be as low as ₹1,000-₹2,000 a month. That’s an annual savings of ₹50,000 to ₹60,000—money you could spend elsewhere.

3. Government Incentives: Lowering the Cost of Entry

To help ease the financial burden of going electric, the Indian government has rolled out several initiatives under the FAME II scheme, offering up to ₹1.5 lakhs in subsidies for EVs. The Goods and Services Tax (GST) on EVs has also been slashed from 28% to 5%, and some states like Delhi and Maharashtra offer additional subsidies and even waive registration fees.

For instance, in Delhi, a Tata Tiago EV can see its price drop by up to ₹2-3 lakhs once these incentives are factored in. This has been a game-changer for many buyers, with 80% of recent EV adopters in India saying that government incentives played a major role in their decision.

4. Who Should Buy an EV?

Now, let’s talk about the type of consumer who benefits most from an EV.

The Daily Commuter (30-50 km/day)

If you’re someone who drives to work daily, EVs make perfect sense. You’re clocking regular miles, so the savings on fuel quickly add up. An EV like the Tata Nexon, with its 312 km range, would easily last you an entire week on a single charge. Plus, with fewer parts to maintain (no oil changes, fewer breakdowns), you’ll save on maintenance costs too. A 2024 report by SIAM found that EV owners spend 40% less on servicing than petrol car owners.

The Urban Explorer (Weekend Drives)

If you drive around 100-200 km a week for weekend errands, an EV still makes sense, especially with the growing network of public charging stations in metro cities like Delhi, Mumbai, and Bangalore. You’ll benefit from fuel savings while still having the flexibility to charge during your outings.

For more Latest EVS Articles, visit our website: https://humansofev.info/ev-articles/

[hexahomee]

Understanding the New GST Rate on Used Cars: What You Need to Know

The Goods and Services Tax (GST) Council has recently announced a significant change in the taxation of used cars, setting a uniform GST rate of 18% on all used vehicles, including electric vehicles (EVs). This decision, made during the council's meeting on December 21, 2024, aims to simplify the tax structure and eliminate discrepancies that previously existed in the taxation of second-hand vehicles.

The New GST Framework

Previously, the GST rate for used cars varied depending on several factors, including engine size and type of vehicle. For instance, petrol vehicles with engines over 1200 cc and certain diesel vehicles were already subject to an 18% GST. However, many smaller used vehicles and EVs were taxed at a lower rate of 12%. The recent change means that all used cars sold by registered businesses will now be taxed uniformly at 18%, which applies only to the profit margin—the difference between the selling price and the depreciated purchase price.

Who is Affected?

It's important to note that this new GST rate applies primarily to transactions conducted by registered dealers or businesses. Individuals selling their used cars privately will not be affected by this change; they will continue to operate under the existing tax framework, which does not impose GST on private sales. This means that casual sellers can still sell their vehicles without incurring additional tax burdens.

Implications for Consumers and Dealers

The increase in GST for used cars has raised concerns among stakeholders in the automotive market. Many experts believe that this hike could lead to a slowdown in sales within India's substantial pre-owned car market, valued at approximately $32 billion. The higher tax rate may deter potential buyers who are already navigating a market influenced by fluctuating prices and economic conditions.Moreover, while new EVs enjoy a lower GST of 5% to encourage adoption, the increase to 18% for second-hand EVs could diminish their appeal in the resale market. This could potentially slow down the transition towards electric mobility as consumers might hesitate to invest in used EVs due to higher taxation.

Conclusion

In summary, the introduction of an 18% GST on all used cars sold by businesses marks a significant shift in India's tax landscape for automotive sales. While this move simplifies the tax structure, it also poses challenges for both dealers and consumers. As stakeholders adjust to these changes, it will be essential to monitor how this affects sales trends in the used car market moving forward. For individuals looking to sell or buy used cars, understanding these new regulations will be crucial in navigating their transactions effectively.-Written By Hexahome

[novatedleaseexplained]

Is it Worth Salary Sacrificing an Electric Car?

As electric vehicles (EVs) become more popular in Australia, many are exploring the financial benefits of novated leases, especially when it comes to salary sacrificing an electric car. But is it truly worth it? Let's delve into the advantages and considerations of EV leasing, with a particular focus on the services offered by Carbon Leasing, a leading lease provider in Australia. 

What is Salary Sacrificing? 

Salary sacrificing, also known as salary packaging, is a financial arrangement where you agree to forgo part of your pre-tax salary in exchange for benefits of similar value. One popular benefit is a novated lease, which allows employees to lease a car using their pre-tax income, reducing their taxable income and potentially leading to significant tax savings. 

The Benefits of Salary Sacrificing an Electric Car

Tax Savings

   - Pre-Tax Payments: By using pre-tax income for lease payments, you reduce your taxable income, which can significantly lower your tax liabilities.    

- GST Benefits: In many cases, the GST on the purchase price of the vehicle can be claimed by the employer, which is then passed on as a saving to the employee. 

Cost Efficiency

   - Bundled Costs: Novated leases typically bundle all car-related expenses (including registration, insurance, maintenance, and fuel) into one monthly payment, simplifying financial management.    

- Lower Operational Costs: Electric vehicles generally have lower running costs compared to petrol or diesel vehicles, including lower fuel costs (electricity vs. fuel) and reduced maintenance costs due to fewer moving parts. 

Environmental Benefits

   - Reduced Emissions: Driving an electric vehicle significantly reduces your carbon footprint, contributing to a cleaner environment.    

- Support for Green Technology: Salary sacrificing an electric car supports the adoption and development of green technologies. 

Why Choose Carbon Leasing?

Carbon Leasing is a leading lease provider in Australia, specialising in EV leasing and salary packaging solutions.

Here’s why we stand out: 

- Expertise in EV Leasing: Carbon Leasing offers tailored solutions for electric vehicle leasing in Australia, ensuring you get the best deal suited to your needs. 

- Competitive Rates: They provide some of the most competitive rates in the market, ensuring you maximise your savings. 

- Comprehensive Service: From initial consultations to lease agreements and vehicle delivery, Carbon Leasing offers a seamless and hassle-free experience. 

Novated Leasing a Tesla with Carbon Leasing 

One of the most popular choices for EV enthusiasts is Tesla. Tesla leasing through Carbon Leasing can be particularly advantageous due to the high residual value of Tesla vehicles, which can further reduce your lease payments. 

- Flexible Lease Terms: Choose from a variety of lease terms to suit your financial situation and preferences. 

- Online Free Calculator: Use Carbon Leasing’s online calculator to get an instant estimate of your monthly costs and potential savings. 

Considerations and Potential Downsides 

While there are numerous benefits to salary sacrificing an electric car, it’s also important to consider potential downsides. This is why choosing the right provider is so important.  Some things to watch out for with other providers: 

- Hard to read quotes – you should be able to understand how much you are paying for by simply looking at the quote. 

- No interest rate – if the interest rate isn’t listed anywhere on the quote that is a massive red flag. If your interest rate is too good to be true, we can guarantee you it is. Those low interest rates are generally loaded with nasty fees.  

- What is your brokerage and establishment fee? – be careful with how these are listed in your quote. They can be buried under a million-line items that are designed to confuse you.  

- Check the maintenance packages – some providers will bundle expensive and unnecessary maintenance packages that will drive up the cost overall.  

- Check for hidden charges in the amount financed

– we don’t make customers finance things they don’t need but other providers do. We also don’t try and sell you junk insurance buried into our quotes. 

With Carbon Leasing, a top-notch lease provider, you can enjoy a seamless and cost-effective experience, making it easier than ever to drive an electric vehicle in Australia. Whether you’re considering Tesla leasing or exploring other EV options, salary packaging in Australia provides a practical and financially savvy route to driving a green, efficient vehicle. 

[jollyclamps50]

India’s Journey Towards Green Mobility: The First Breakthrough

During an interview with Press Trust of India, Nitin Gadkari this week, the Union Minister for Road Transport and Highways, emphatically declared to transform India into a green economy to promote environmentally friendly mobility by completely eliminating both the petrol and diesel engine vehicles. However, the minister declined to indicate a definite timeline and milestone for attaining such an ambitious target; though he appeared confident about the wave of changes that are expected to happen over the next five to seven years.

This idea stemmed from the fact that India spent close to US$17.00 billion on Crude Oil imports last year as a result of which, it is incumbent to develop alternate fuel for sustainability and self-reliance towards our avowed goal of AtmaNirbhar Bharat by promoting the use of biofuels to allow India to end its dependence on crude oil imports.

The Union Minister further proposed a reduction of GST on hybrid vehicles to five per cent and flex engines to 12 per cent, an initiative which is currently under active consideration by the Finance Ministry to give a fillip to the production and use of such vehicles.

Reacting to the statement of the Minister, environmental activists welcomed the increasing initiative to develop green mobility in India.

[tezlivenews]

Petrol-Diesel Price Today : डीजल के दामों में लगी आग! चार दिनों में तीसरी बार हुआ महंगा, ये हैं नए रेट

Petrol-Diesel Price Today : डीजल के दामों में लगी आग! चार दिनों में तीसरी बार हुआ महंगा, ये हैं नए रेट

Petrol-Diesel Price : चार दिनों में तीसरी बार महंगा हुआ डीजल. नई दिल्ली: देश में एक बार फिर डीजल के दामों में बढ़ोतरी (Diesel Price hike) होने लगी है. पिछले चार दिनों में सोमवार यानी 27 सितंबर, 2021  को तीसरा दिन है, जब डीजल के दाम बढ़ाए गए हैं. आज ऑयल मार्केटिंग कंपनियों ने डीजल में एक बार फिर 25 से 27 पैसों की बढ़ोतरी की है, जिसके बाद दिल्ली में डीजल 89.07 रुपये प्रति लीटर से बढ़कर 89.32 रुपये…

[inventivaindia]

Petrol price can come down to Rs 75 if brought under GST, but there is a lack of political will: SBI Economists

Petrol price can come down to Rs 75 if brought under GST, but there is a lack of political will: SBI Economists

The country these days has been crying owing to the burden of increasing petrol prices under the garb of the crashing economy and severed unemployment due to the coronavirus pandemic. An increase in the prices of petrol is an initial indication of the upcoming inflation in the economy owing to the increased raw material costs in production and ultimately, increased price of goods and services,…

[journalistcafe]

पेट्रोल-डीजल के बढ़ते दामों से आम आदमी को मिलेगी राहत ? GST बैठक में सरकार ने लिया ये फैसला

पेट्रोल-डीजल के बढ़ते दामों से आम आदमी को मिलेगी राहत ? GST बैठक में सरकार ने लिया ये फैसला

पेट्रोल-डीजल की बढ़ती महंगाई ने आम जनता की कमर तोड़ रखी है। आम आदमी को फिलहाल पेट्रोल एवं डीजल की बढ़त�� कीमतों से ​छुटकारा नहीं मिलने वाला है। बीते दिन लखनऊ में 45वें जीएसटी परिषद की अहम बैठक हुई। जीएसटी बैठक में लिया गया ये फैसला-  इस बैठक में पेट्रोल एवं डीजल को जीएसटी के दायरे में रखने के मामले में यह सहमति बनी कि अभी इसका समय नहीं आया है। वित्त मंत्री निर्मला सीतारमण ने एक प्रेस कॉन्फ्रेंस में…

[everythingshouldbereality]

Govt to bring petrol, diesel, ATF, gas under GST? No, says Sitharaman

Govt to bring petrol, diesel, ATF, gas under GST? No, says Sitharaman

Image Source : PTI FILE IMAGE/PTI Union Finance Minister Nirmala Sitharaman on Monday said that there is no proposal to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST).  “At present, there is no proposal to bring crude petroleum, petrol, diesel, ATF and natural gas under GST,” Sitharaman said in a written reply to a question in the Lok…

[vilaspatelvlogs]

CEA KV Subramanian का बड़ा बयान, पेट्रोलियम उत्पाद जीएसटी में लाना रहेगा अच्छा

CEA KV Subramanian का बड़ा बयान, पेट्रोलियम उत्पाद जीएसटी में लाना रहेगा अच्छा

CEA KV Subramanian  पेट्रोल-डीजल की बढ़ती कीमतों से आम आदमी परेशान है. बार-बार ये मांग उठ रही है कि पेट्रोल-डीजल को जीएसटी के दायरे में लाया जाए. अब इस मांग का समर्थन मुख्य आर्थिक सलाहकार (Chief Economic Adviser) केवी सुब्रमण्यम (KV Subramanian) ने भी किया है.  जीएसटी के दायर में आ सकते हैं पेट्रोल-डीजल Source link

[eastern-eye]

According to the sources, bringing petrol and diesel within GST would be placed before the council for discussion in the light of the court’s words for the council.

[tezlivenews]

Petrol-Diesel Price : कच्चा तेल उछला, यहां 17वें दिन भी नहीं बदले पेट्रोल-डीजल के दाम; चेक करें रेट

Petrol-Diesel Price : कच्चा तेल उछला, यहां 17वें दिन भी नहीं बदले पेट्रोल-डीजल के दाम; चेक करें रेट

Petrol-Diesel Price : 17 दिनों से नहीं बदले हैं पेट्रोल-डीजल के दाम. नई दिल्ली: पेट्रोल-डीजल के दामों में बुधवार यानी 22 सितंबर, 2021 को एक बार फिर पेट्रोल-डीजल के दाम स्थिर हैं. पिछले लगातार 17 दिनों से देश में ईंधन तेल के दामों में कोई बदलाव नहीं हुआ है. हालांकि, अंतरराष्ट्रीय बाजार में कच्चे तेल में एक बार फिर तेजी जरूर दर्ज हुई है. मंगलवार को अंतरराष्ट्रीय तेल मानक ब्रेंट क्रूड 0.96 प्रतिशत…

[dailypioneer]

The Chamber of Trade and Industry (CTI) on Thursday asked the government to bring petrol and diesel under the ambit of GST to bring down the fuel rates, a day after prices of petrol in Delhi crossed the Rs 100 a litre-mark.

It also urged the central government to withdraw the increased excise duty that was introduced last year due to the COVID-19 pandemic.

"Crude oil was the cheapest in the last 16 years in 2020-21. During corona, between March and May, 2020, when crude oil became cheaper, the central government increased the excise duty on petrol by Rs 13/litre and diesel by Rs 16/litre," a statement from the CTI said.