Summary
- The Maharashtra Authority for Advance Ruling (AAR) has determined that long-term electric vehicle leasing is taxable as financial services under GST.
- Specifically, 48-month leases will be classified under SAC 9971, rather than SAC 9973.
- This classification links GST rates to those applicable on similar goods, impacting the tax structure for electric vehicle leasing.
- The ruling could influence how businesses approach electric vehicle leasing and its associated tax obligations moving forward.
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