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The official sources have mentioned that petroleum products and continuation of their VAT attraction will be soon decided by the GST council as cleared by the Maharashtra Minister Deepak Kesarkar to the legislative council.
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 council has finally approved the final set of rules which will be implemented in the new upcoming tax structure. As from the sources, it has been known that GST council has finalised tax rates of over 80 to 90 percent goods and services coming into the four slab tax rates. It also ensured that the daily usable items will be fitted into lowest slab rate of 5 percent which will not impact on the inflation.
In a market where industries are trying every bit to get some exemptions in tax rates, the tractor industry comes with the astonishing demand to levy tax over the sector. It is weird as well as logical in the light of the fact that after not getting chargeable to the excise on the output which will ultimately hold back the manufacturers from claiming any credit for the taxes and duties paid on the input.
A very significant day has finally arrived in the economic corridors that will decide the fate of inflation in India. Today, the new tax rates will be decided under GST for the goods and services running across the nation. The meeting will be held in Srinagar by the apex GST council headed by union finance minister Arun Jaitley.
GST is approaching with strict tax compliance and will demand every taxpayer to follow the guidelines accordingly. There is some persistent question regarding the anonymity of unregistered dealers in the GST. Some of the questions are framed here to acknowledge the general queries regarding the transaction with the unregistered dealer.
