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Telecom industry falls under the category of 18 percent slab rate under Goods and Service Tax (GST) and it disappoints the industry very badly.
GST Service tax rates are also into the pipeline and slowly they are coming into the announcement. The GST council has finalized the service tax rates on the 2nd day of its 14th meeting at Srinagar. It is worthy to notice that the education and healthcare sectors have been exempted from the service tax of GST.
Talking about the hotel industry and their individual tariffs, the Hotels with tariff falling in between Rs 2,500 to Rs 5,000 will be levied GST of 18 per cent, whereas hotels with tariff of above Rs 5,000 will come under 28 per cent tax slab. And after which, hotels with tariff under Rs 1,000 are exempted from the GST scheme.
The central government finally made decisions over the long discussing GST rates in its 14th meeting in Srinagar headed by union finance minister Arun Jaitley along with finance ministers of states. The announcement mentioned that consumer goods for daily consumptions like the pulses, food grains will be cheaper while the Finance Minister Arun Jaitley cleared that GST rates have been fixed for the rest of the total of 1,211 items except for six items due in procedure.
The goods and service tax is a globally acceptable tax implication and has played a vital role in strengthening various countries economic position and credibility. Also, marked as a most dynamic and reformative taxation scheme, the Goods and services tax is approaching at a very fast pace in India.
GST will be soon actualized in the nation with having seamless opportunities for the business community, but it seems that Jammu and Kashmir business community will be having a tough time to deal with the upcoming tax regime due to its autonomy rode financial state.
Goods and Service Tax is going to roll out from 1st July 2017 and about seven weeks left for the implementation of GST in India. Indian companies are in hurry to gain knowledge from the tax experts which helps to prepare the accounting and information technology systems in their business units or enterprises.
M Vinod Kumar, Chief Commissioner of Central Excise stated that the Goods and Service Tax (GST Council) will decide on applicable tax rates for commodities on 18th May.
The nation is working day and night to implement goods and services tax and is making sure that every step must be smooth and hassle free. In between the opposition Congress questioned about the ease of doing business after the GST.
