Himachal Pradesh: Two-day session to pass GST begins today

Service tax on economy class air travel has been lowered from 6% to 5% under the GST regime which is likely to be rolled out on 1 July

Service tax on economy class air travel has been lowered from 6% to 5% under the GST regime which is likely to be rolled out on 1 July

Speaking at the workshop on GST here at Banquet Hall, he said the GST regime is definitely going to be a milestone for making the tax administration in the state more effective and transparent, thereby having a beneficial effect on the consumers and the economy as a whole.

"NAREDCO is of the view that the actual tax incidence under GST will match or be lower than the existing multiple indirect taxes on the sector".

The implementation of the goods & services tax (GST) regime will pose accounting and technology related challenges for Indian telecom operators in 12 telecom circles.

As a mark of disagreement with the exorbitant tax rates under the much-awaited Goods and Services Tax (GST) Bill to be rolled out on July 1, hotels and restaurants across Tamil Nadu will observe a one-day shutdown on May 30.

Union Finance Minister Arun Jaitley had said that the GST would lead to new tax regime.

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Sugar: Sugar attracts specific central excise duty of Rs.71 per quintal plus Sugar Cess of Rs.124 per quintal, which translates to ad valorem rate of more than 6%.

The embedded taxes in production of milk powder and the incidence on account of CST, octroi, and entry tax work out to more than 7 per cent.

"It is a matter of great despair as 18 per cent GST would make biodiesel costlier than diesel, while the thrust globally is on eco-friendly and renewable fuel", BDAI President, Sandeep Chaturvedi said. So go ahead and have an extra cup or two. GST is also expected to add 2 per cent to the country's GDP or gross domestic product.

As against the above, the Telecommunication Services will attract GST of 18% in the GST regime, which is a pure Value Added Tax because full ITC of Inputs and Input Services used in the course or furtherance of business by the telecommunication service providers would be available.

The new rate structure at five percent as compared to the current service tax rate of six percent is a welcome move by the council. He also said the new system will also check tax evasion, since trade and industry will benefit by coming under the GST system through a "Self Policing" mechanism.

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