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The announced GST rates have certainly created a buzz over the market both domestic as well as internationally. The Council has decided for a multi-tiered structure of 0%, 5%, 12%, 18% and 28%. The fluctuations of tax rates are highly in flow throughout the nation.
Finally, GST council stick to the four-tier rate structure of 5,12,18,28 percent. The council in its two days meeting has been striving for these rates for several months and now completed the discussion with these rates along with some modification of center’s proposal. The highest rates for other FMCG products are being stricken at 6, 12, 18 and 26 per cent.
The tourism industry is going in a miserable position as many of the expectations are sticking towards the upcoming GST. As speculated the GST council fixed tax rate over the hotel and tourism industry close to 28% along with full input tax credit return which is considered very high in terms of the highly volatile market.
GST impact on electronics industry is slightly negative as there are many products which are liable to be under lesser tax slab but still reeling under heavy tax pressure.
Education is one of the major sectors of any economy. The education of country’s youth will decide how the economy of that country will flourish. Education promotes understanding, vision, creativity and productivity of people which helps in the advancement of a country. In India, Education is provided with both by the public as well as private sector.
Finance Minister Arun Jaitley has been backing up the proposed GST rate structure which was divided into four rate slab in the previous meeting held. The tax rates of 6, 12, 18 and 26 per cent with almost every goods coming into the 18 percent structure.
GST has arrived with various comments which are not supporting its implementation as the former finance minister P Chidambaram clearly stated a negative opinion about the upcoming taxation regime.
Micro and Small Manufacturing & Service Enterprises has been given a financial help from the financial institutions in the schedule of an awareness program being held at GST & NSIC Finance (Loan) Facilitation Center.
Oil Minister Dharmendra Pradhan said that “GST Council will decide on this (taxation of petroleum products). On behalf of the industry, I would request the states to allow petroleum products to be brought under GST taxation.”
