Well, the lens is already in the car industry. Latest changes in regulations, that will impact even you and me:( received from a friend in the auto sales industry)::
Important message for People who booked car and expecting delivery of Car After 1.06.2016
Condition 1: Booked Car Value More than 10 Laces.....
NORMS: Any Vehicle Purchase After 1.6.2016, which value is more than Rs 10 Lacs, Customer will have to Pay 1% TCS ( Tax Collection at Source) of Car's Ex Showroom and Accessories Value at Dealership IRRESPECTIVE OF THE MODE OF PAYMENT.
1. Customer Can Change Name of Booking to His/Her blood relation before 5.6.2016, Otherwise Old n New both Name Customer will have to Pay Above Said TCS....IF THE VEHICLE VALUE EXCEED RS.10 lacs.
2. In Case of THE CANCELLATION OF ANY PENDING Booking, customer will have to Submit Cancellation application before 5.6.2016, After that TCS as per above structure will also deducted along with booking cancellation charges and balance will be refunded only....
Condition 2 : Booked Car less than Rs. 10 Laces
NORMS: Any Vehicle Purchase FROM 1.6.2016, which value is LESS than Rs 10 Laces, Customer Will have TO make 100% Payment through RTGS/ CHEQUE/ NEFT/ DD ONLY...Any Cash Portion Paid, Customer will have to Pay 1% TCS of Car's Ex Showroom and Accessories Value at Dealership.
1. If Any part Payment is Paid in Cash or Suppose to Pay Cash on or before delivery of Car 1% TCS will be applicable ON THE ENTIRE SALES VALUE AS EXPLAINED ABOVE. IN CASE OF PENDING BOOKING, IF THE Customer HAD Paid Booking in CASH, Kindly pay Same amount through RTGS / NEFT/ Cheque/ Or DD...and get refund of booking amount from Dealership through Cheque Mode before 5.6.2016
2. Customer Can Change Name of Booking to His/Her blood relation before 5.6.2016, Otherwise Old n New both Name Customer will have to Pay Above Said TCS, If Booking Amount or balance payment Portion Paid in CASH...
3. In Case of Booking Cancellation, customer will have to Submit Cancellation application before 5.6.2016, After that TCS as per above structure will also deducted along with booking cancellation charges and balance will be refunded only....If Booking done by Cash, If booked through other mode, on Cancellation charges will be deducted..
As I said it was received from a friend, so cannot confirm the authenticity or accuracy of the same.
But just another point to add to the current discussion in terms of steps taken to block diversion of black money into this industry.