Buying Electric Vehicles May Soon Become Cheap Due to Lower GST

Society of Indian Automobile Manufacturers (SIAM) has recommended that to reduce the tax rates on electronic vehicles from 12 percent to 5 percent under GST to promote such vehicles in India, apart from providing one-time Income Tax (I-T) deduction of 30 percent on prices of e- vehicles for non-financed buyers. While submitting the white paper to the government, the SIAM also demanded to exempt the road tax on EVs. SIAM also said that to promote electrical mobility in India it will require a multi-pronged, segment and customer-specific policy.

The policy must cover several points such as enabling charging infrastructure build-out, encouraging domestic manufacturing, improving affordability and acceptance of EVs by bridging viability gap and creating public awareness besides providing other enablers, it said.

Read Also: GST Impact on Automobile and Spare Parts Industry in India

According to the White Paper, “Demand incentives or cash subsidies can at best be a short-term measure to kick-start the process. However, tax rebates and other fiscal and non-fiscal measures can be sustained over a longer term and will have a greater impact and outreach.”

On specific policy measures, it is anticipated that GST rates on all-electric vehicles are likely to be reduced from 12 percent to 5 percent and road tax may be fully exempted, said SIAM.

For EV buyers, the white paper proposed a “one-time Income Tax deduction of 30% of vehicle price from total taxable income to individual purchasers, who have not availed any bank finance for the purchase”.

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To evaluate the reduced price on such kind of incentives vehicles of maximum INR 25 lakhs may be considered. According to the white paper, those individuals who had taken the bank loan to purchase personal EVs is described as, “Income Tax deduction of up to ₹1 lakh on the interest component for loans taken may be given every year during the tenure of the loan, like government’s scheme on home loans.”

Every CA Aspirant to Watch Out These Habits

From the leading technology companies to International financial centres, government organisations and accountancy firms, no matter the size of the company, need chartered accountants. Becoming a CA is your visa to success and therefore one must develop certain positive habits while being a aspirant of the CA course. No matter, if entrepreneurship is your passion, chartered accountancy offers an ideal cornerstone for starting your own business.

A career option as Chartered Accountant is one of the best career opportunity and recession-proof profession in India as well as in the U.K. but at the same time, the whole journey from entry level CA Foundation to CA Final is full of challenges.

To successfully crack the CA examinations, determination combined with hard work, a thorough preparation combined with a set of certain habits plays an important role.

We Are Listing Here Some of Those Habits Which A CA Aspirant Should Inculcate in His/Her Daily Schedule :

#1. Proper Intervals

This challenging career with the extensive course covering various topics which needs consistent efforts and studies along with revision. But pressing pedals toward completing the course without intervals will make the study tiresome, monotonous and baffling.

CA aspirants should take short breaks in between their study sessions so that they can be as much refreshed as required for the new topic.

Proper intervals between the session will give you time to grasp the knowledge of whatever you have read and will space you out for more knowledge further.

#2. Fix Your Goals And Achieve Them

CA aspirants should fix their study goals and strive to achieve them without fail and delay. The study goals should be bifurcated into two – short-term and long-term study goals. The accomplishment of short term goals on time will serve as a motivation to achieve the long term ones, while the accomplishment of long term goals will make full-fledged ready for the exams, beyond the shadow of nervousness and doubt.

In this way, you can track your performance on your own on a regular basis and remain self-motivated.

Read Also : Watch Out Exclusive Apps for CA Aspirants

#3. Time Management And No Procrastination

Time management is another habit which is witnessed in CA toppers. This habit plays a key role in your success in any field. CA Aspirants should learn to manage and use their time properly in the preparation.

Well said – Tomorrow never comes! CA Aspirants should say no to procrastination and follow their planned scheduled diligently. If you keep postponing your study, you will end up taking the burden for later dates and in this way, you will lack revision as well as self-confidence.

#4. Constant Revision

Going through the course just once or twice is not just enough, we all know. Constant revision of the course at regular interval is must to crack the exam successfully. CA aspirants should prepare notes and jot down all the important points precisely for the quick and easy revision. Studying and learning the concepts once should be followed by revision on a regular basis so that the understanding takes a permanent picture in the mind of the student. Previous question papers and mock tests should be an inevitable part of your revision because in this way only you can sort and work on your weaknesses and frame strategies accordingly to elevate your performance.

If you infuse these habits in your day to day life, you are sure to get a stable career with a strong demand for your CA skills.

GSTR 9, 9A & 9C Annual Return Due Date Extended (Latest News)

In response to the demand of the trade industry and ongoing issues on the portal, the Finance Ministry has earlier decided to extend the last date for filing GST annual returns to June 30, 2019. The previous date for annual GST return filing was December 31, 2018.

But in the latest 35th GST council meeting, the union finance minister Nirmala Sitharaman has taken decision to extend the due dates of filing the Form GSTR 9, GSTR 9A and the GSTR 9C.