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of <h1>India Cuts Union Territory Tax Rate to 65% for Vehicles Leased Before July 1, 2017, Under Notification No. 37/2017.</h1> The Government of India, through Notification No. 37/2017, has reduced the union territory tax rate on the leasing of motor vehicles purchased and supplied on lease before July 1, 2017. The tax rate is set at 65% of the usual rate applicable under Notification No. 1/2017. This applies to motor vehicles classified under Chapter 87 of the Customs Tariff Act, 1975. Conditions include that the vehicles must have been purchased and leased before July 1, 2017, and the supplier must be registered and not have claimed input tax credit on the vehicles.
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