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of <h1>India Cuts Compensation Cess Rates for Pre-July 2017 Leased Motor Vehicles; New Entry 2A Effective October 13, 2017.</h1> The Government of India has issued an amendment to Notification No. 2/2017-Compensation Cess (Rate), reducing the cess rates for leasing motor vehicles that were purchased and leased before July 1, 2017. This amendment, effective from October 13, 2017, introduces a new entry, '2A,' which specifies that the cess rate will be 65% of the rate applicable to similar goods involving a transfer of title. This reduced rate will not apply after July 1, 2020. The amendment is enacted under the provisions of the Goods and Services Tax (Compensation to States) Act, 2017.
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