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The Goods and Services Tax Council broadly agreed on four tax bracket for services while most services would be taxed at 18 percent. On the second day of the Goods and Services Tax (GST) Council meeting on Friday, Finance Minister Arun Jaitley said that GST for services was completely adopted today and it was the principal item in Council Meet.
The finance minister said that various categorisations under GST were made depending on the nature of service. Finance Minister Arun Jaitley said healthcare and education will remain exempted from the landmark goods and services tax. Services will be taxed at 5%, 12%, 18%, 28%, the FM announced.
Transport services will be taxed at 5%, he said.Restaurants with a turnover of Rs 50 lakh or below will face 5% tax under GST and non-AC restaurants at 12%. The GST Council will meet again on June 3.
AC restaurants and those with a liquor licence to charge 18% GST; 5-star hotels to levy 28%; hotels with a tariff of Rs 1,000-2,500 to pay 12% rate, he said.
Telecom, financial services will attract GST of 18 per cent and 28% tax for race club, betting and cinema halls, Jaitley added.
Most of the service tax exemptions grandfathered and they will continue. GST bill is going to be consumer friendly, he said. Earlier government sources in Srinagar, where the meeting was held, told Business Standard that most of the services would be taxed at the rate of 18 per cent under the GST regime.
News Credit: Business Standard
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