Telecom, banking and insurance services in GST will become more expensive: Warning not to change the industry before 1st July Revenue Secretary Hasmukh Adiya has warned the industries that they will not make any changes in the tax before the implementation of GST on July 1. If so, action may be taken against them under anti-monetary law. Adiya said, "My advice to all the big businesses is that please do not change the tax. Be honest, deliver the real tax rate to the customers and the tax rate is increasing Increase price due to sole reason Do not do it. '
GST: Important Matters
# Economy Class 5% tax on air travel will apply
No tax on non-AC trains
# 5% service tax will be charged on the AC train
# 5% tax on transport services will apply
# 5% tax will be applicable on CAG services like Ola and Uber
# 12% GST will be applicable on work contracts such as white washing
# Tax on the lottery will not apply
# Cinema-Theater Service will levy 28% tax
# 28% tax on bets on gambling and race courses
E-commerce companies like Flipkart, Snapdeal will have to deduct 1% TCS (Tax Collected At Source) while paying suppliers
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Education, health, non-AC train travel exemption from GST Economy class air travel will be a little cheaper, 12% tax for business class will be taxed પર Service tax on telephone bill will apply 18%, transport service will be charged 5% tax on AC train 5% tax, AC restaurants will levy tax 18%
GST rates for all items across the country have been decided. Due to the GST being implemented from July, telecom, insurance, banking services, business class air travel, sale of advertising space in the newspaper, etc. will be expensive. However, education and health are exempt from tax. 5% tax on transport service will be applicable. The GST Council has divided the services sector to its four tax slabs - 5%, 12%, 18% and 28% on Friday, the next day of its key meeting. With this, most of the goods-services tax rates have been fixed under GST. Some things like gold (gold) are left to decide on tax. The decision will be taken in the upcoming meeting of gold on June 3 next.
After the two-day council meeting, Finance Minister Arun Jaitley said 18% tax would be applicable on telecom and financial services. Since both the banking and insurance sector are coming into this, both of these services will become expensive. So far 15% tax was applied to this service. 5% tax on transport service will be applicable. There will be five percent tax on CAG services like Ola and Uber, instead of six. Revenue Secretary Hasmukh Adiya said that on-the-AC train travel has been exempted from tax. No tax will be applicable under GST, traveling to metro, local trains, and travel to religious places including Hajj.