Yulu today announced that as per ruling from the Karnataka Appellate Authority of Advance Ruling (AAAR) on Jan 13, 2021, GST rates will come down from 18 percent to 5 percent making rides on its Miracles even more affordable for end-users.
The Karnataka Appellate Authority of Advance Ruling (AAAR) set aside earlier advance ruling, holding that Yulu’s renting services, in light of amendment Notification No. 20/2019-CTR, should be classified under SAC 9973 (leasing services without operator) resulting in lower rates on its services from current 18% to 5% for its e-bikes ‘Miracles’ and 12% on Pedal bikes ‘Move’.
Micro-mobility is the need of the hour for metro cities in India as it promotes the usage of public transport such as Metro and buses by providing first and last-mile connectivity and discourages the use of private vehicles thus reducing congestion and pollution. Yulu’s all-electric fleet of its Micro-mobility vehicle - Miracle is contributing to the green future which India has committed to in the Paris Climate Change Agreement.
Bengaluru, 12 March 2021
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