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GST Council Finalised Tax Rates for Services

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Anu

(@anu)

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Joined: 9 years ago

Posts: 207

Topic starter 20/05/2017 6:16 am

This is a discussion on AfterGraduation's new article "Education, Healthcare Exempted From GST Regime; Rates On Services Fixed".

The GST (Goods and Services Tax) Council have finalised tax rates for services under the GST regime on Friday at the end of day 2 of the meeting held in Srinagar. Education and healthcare have been exempted from the GST regime that will tax services at four different tax rates slabs.

Indian Finance Minister and the Chairman of GST Council Arun Jaitley said, “India has finalised four tax rates that will apply to services including telecoms, insurance, hotels, travel and restaurants under a new sales tax which should be rolled out on July 1,”

The GST Council finalised four tax rates as 5%, 12%, 18% and 28 percent – in line with those applying to goods. “Luxury services” would attract the highest rate of 28 percent . Only five services including five-star hotels, movie tickets, racing, betting on racing and casinos will attract maximum tax slab 28% levy. The tax rate on gold has not been finalised yet and the Council will meet again on June 3.

Link to Full Article on AfterGraduation

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