GST is major financial reform

GST is major financial reform

The GST council has recently fixed a tax rate of 18% on mobile and financial services, while exempting education and healthcare from GST levy.

At the meeting held today, the tax rate of almost 1,205 items were finalised. It will replace 16 current levies - seven central taxes like excise duty and service tax and nine state taxes like VAT and entertainment tax - thereby creating India as one market with one tax rate.

The formal GST Council meeting will be held at the same venue while the decisions taken at the meeting will be spelled out by Jaitley at a press conference on Friday.

"We hope that the country's GDP will increase by 2 per cent following GST implementation".

Since then Germany, Italy, the UK, South Korea, Japan, Canada and Australia have been among the over a dozen nations which have implemented the GST.

Ahead of the two-day special session of the state Assembly starting Thursday to pass the state Goods and Services Tax (GST) legislation, MLAs on Wednesday attended a three-hour workshop here to know the new tax regime the country would enter from July 1.

Telcos, according to the group, have already initiated the registration process involving migration to the GST regime while a clarity, according to it is still needed on certain aspects and GST deployment is highly dependent on IT compatibility and requires sufficient time. Coal would attract a GST of 5 per cent, as compared to the existing tax rate of 11.69 per cent.

Officials said that basic services which are at present exempt from service tax would be kept out of the GST as the Centre does not want to give any shock to people in the first year of GST rollout.

"Telecom industry hails GST as an iconic reform but we are disappointed with announced rate of 18 per cent".

Just like the GST Network rates vendors on the basis of their compliance, firms must also internally rate vendors, Mr. Prasad said.

Related Articles

  • Jadhav has 150 days: Pak

    Jadhav has 150 days: Pak

    This morning, Attorney General Mukul Rohatgi, expressed optimism saying that India has the upper hand in the matter. India has further claimed that Jadhav was kidnapped from Iran where he was involved in a business undertaking.
    LeBron, Cavaliers back in familiar territory

    LeBron, Cavaliers back in familiar territory

    We came out with a lot of pride, a lot of grit, a lot of toughness, that never-quit attitude. Casey "helped me be me, a better man, a better basketball player", said Lowry.
    C's Thomas reaches out to possible No. 1 Fultz

    C's Thomas reaches out to possible No. 1 Fultz

    IT4 is that team's heart but he's also a 2018 free agent Danny Ainge really might not want to commit long-term money to. If you compare his season averages to Allen Iverson's 2000-01 MVP season, the numbers are remarkably similar.
  • Russian FM mocks US media over intelligence-sharing reports

    Russian FM mocks US media over intelligence-sharing reports

    President Donald Trump had disclosed classified intelligence during a meeting with Russian officials. McMaster, who said it was " wholly appropriate " to divulge that to the Russians.
    Mnuchin Says U.S. Reserves Right To Be Protectionist

    Mnuchin Says U.S. Reserves Right To Be Protectionist

    Greece's creditors, including the European Central Bank and the International Monetary Fund, will be in Bari . Mnuchin is taking the opportunity to lay out the Trump administration's views on trade.
    Senate Expected to Give House Health Care Plan the Cold Shoulder

    Senate Expected to Give House Health Care Plan the Cold Shoulder

    The Senate plans to draft its own healthcare legislation in the coming weeks. He also claimed that Obamacare "was a lie and it is dead".
  • Gregg Popovich knocks Spurs for 'lack of edge, intensity' in Game 2

    Gregg Popovich knocks Spurs for 'lack of edge, intensity' in Game 2

    With Leonard's status for the remainder of the series in limbo, Pachulia was extremely apologetic for what occurred. Wright of ESPN wrote about the Spurs troubles in Game 2 , and quoted Aldridge on his poor performance.
    Turkish violence in Washington presents new Trump headache

    Turkish violence in Washington presents new Trump headache

    Police Chief Peter Newsham, the situation was especially "dicey" because some of the Turkish guards were armed. He said police were examining video to identify those responsible. "This is the United States of America".

    Jose Mourinho optimistic goalkeeper David De Gea will stay at Man United

    United will travel to Stockholm for Wednesday's Europa League final against Ajax just three days after hosting Palace in their final league game of the season.
  • Recent Exits Have Little Effect on Iran's Presidential Election

    Recent Exits Have Little Effect on Iran's Presidential Election

    Rouhani was a key architect of the 2015 nuclear deal with the USA , the European Union and other partners. If no candidate takes more than 50%, however, a runoff between the top two finishers will be held May 26.
    Ny: Assange still vulnerable if he enters Sweden

    Ny: Assange still vulnerable if he enters Sweden

    Juan Branco told The Associated Press in Paris that he wants Macron to help Assange leave the Ecuadorean Embassy in London. Three other cases of alleged sexual assault against Assange were dropped in 2014 due to a Swedish statute of limitations.
    Swedish prosecutor drops rape probe against Wikileaks founder Julian Assange

    Swedish prosecutor drops rape probe against Wikileaks founder Julian Assange

    In documents filed to the Stockholm District Court, Prosecutor Ny said legal obstacles had prevented the case from moving forward. US President Donald Trump last month said he would support any decision by the Justice Department to charge Assange.