GST Levy- 12% for Normal Bicycles, 5% for Electric Cycles!!
Differential Rates of Taxes:
With Organic, Electric & Renewables taking preference among users, its imperative that Govt promotes the same and incentivise for people @ Large to accomodate…
For Instance, Electric bicycles are charged @ 5% GST whereas Ordinary Cycles are @ 12% perhaps rate differentials are keeping future in mind. Alternatively the rationale is for Govt to keep multiple rates keeping different market segments and usage therein..
One of the argument for differential rates , is stemmed by the need to keep the rate lower for goods consumed by the masses and higher for those consumed by affluent sections of society .
India is majorly a service sector-driven economy and rapid growth tax revenues from Serivces Business. Again most of the services are charged @ 18% slab and hence may be argued both ways.
Also for Interest rates on Delayed payments may again be differential based on time say 18% for first few months and 24% n more post the initial period.
Idea is to promote compliance , reward the Compliant & penalise the recurring errant
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