NEW DELHI – India will extend a surcharge on taxes on luxury goods including cars and tobacco products beyond 2022, under plans to help states repay loans raised to meet revenue shortfalls in the current fiscal year, the finance minister said on Monday.
“The GST council has approved to extend the cess(surcharge) beyond five years,” Nirmala Sitharaman told reporters after a virtual meeting with state finance ministers.
The surcharge on luxury goods such as cars and tobacco products, which varies from 12% to 200%, is part of the national goods and services tax (GST) introduced in 2017, and was due to expire in 2022.
October 5, 2020
Reporting by Aftab Ahmed, Manoj Kumar
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Categories: India News