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of <h1>India Cuts Compensation Cess Rate to 65% for Leased Vehicles Bought Before July 1, 2017, Per Notification 7/2017.</h1> The Government of India, through the Ministry of Finance, issued Notification No. 7/2017 regarding the reduced compensation cess rate on leased motor vehicles purchased and supplied before July 1, 2017. The cess rate is set at 65% of the standard rate under Notification No. 1/2017. This reduced rate applies to vehicles under tariff items 8702 and 8703, with specific conditions: the vehicle must have been purchased and leased before July 1, 2017, and the supplier must be registered without having claimed input tax credit on taxes paid. This notification is valid until July 1, 2020.
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