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.

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