Martes, 23 Octubre, 2018

In Key GST Meet Held In Kashmir, Government's Strong Message

Health, education services exempted under GST, says Arun Jaitley E-com cos to levy 1% TCS on sellers;consumers to be unaffected
Ramiro Mantilla | 20 May, 2017, 07:38

While Yogi Adityanath-led Uttar Pradesh reportedly is seeking zero levy on "puja samagri" instead of the proposed 18 per cent, Kerala's Finance Minister Thomas Isaac made a case for 5 per cent tax on gold under GST instead of 1 per cent being demanded by some quarters, reported PTI. The two-day meeting to be held today and tomorrow will be chaired by Finance Minister Arun Jaitely and is to be attended by around 150 dignitaries including finance ministers and secretaries of all states along with those of three union territories.

In bid to implement, the Goods and Services Tax (GST), Jammu and Kashmir Finance Minister Haseeb Drabu said on Thursday that state will introduce the bill in next 30 days in state legislature.

At present, telecom consumers are charged 15 per cent in form of tax and cess over their phone bills.

Air-conditioners and refrigerators will come under the 28 per cent tax slab, while life saving drugs have been kept at 5 per cent rate. "The ammendment will bring about comprehensive reform of the indirect tax regime in the country and a major financial reform to make India a single market", Naveen said. The tax rates will be decided in a fashion to keep their impact on inflation and revenues to the government near neutral.

"Tax rate under GST will not go up for any of the commodities".

He said, "GST is beneficial for states which are importing goods from other states and we are importing everything". "On many commodities, there is a reduction particularly because the cascading effect of tax is gone", the finance minister said.

As of now there are over 17 items that are placed in the negative list of services. "As per our estimate, we will have Rs 1500 to Rs2000 crore profits in tax revenue".

Even the World Bank has said a smooth implementation of the GST could prove to be a significant push to economic activity as growth could pick up to 7.2 per cent in 2017-18 and further to 7.5 per cent in 2018-19.