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Telecom sector disappointed with 18% GST rates
20 May 2017, 02:54 | Jan Cross
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As a member of the GST Council, Odisha has been actively participating in the design of the legislations, Patnaik said. The GST rate on coal has been fixed at 5 per cent, down from 11.69 per cent of tax now charged.
Jaitley is hopeful that the GST Council will be able to reach a consensus to finalise the list of exempted items on Friday, including tax rate of gold and bidi. "The GST law will boost the country's GDP growth by 2 per cent".
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. Saudi Arabia plans to do it in 2018.
Tripura Finance Minister Bhanulal Saha said that passing of the State GST Bill was mandatory for rollout of the new indirect tax regime.
Sirius XM Holdings Inc
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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. Besides, for demerit and luxury goods, a cess will be levied on top of the peak rate. Most of the states in the country have already passed the state GST bills. The chief minister also stated that the tax reform would result in benefits to business and industries and consumers as well.
The tax rates will be decided in a fashion to keep their impact on inflation as well as revenues to the government near neutral. The Centre was conducting outreach efforts and training programmes, he said.
According to industry sources, at present the ayurvedic medicines and products have a total tax incidence of 8-9 per cent depending on items. On top of that there are over 60 services, like religious pilgrimage, healthcare, education, skill development, journalistic activities, which are exempt from service tax.
"Nearly 81 per cent of the items will fall under below-18 per cent GST rate slabs and only 19 per cent of the goods will be taxed above 18 per cent", Revenue Secretary Hasmukh Adhia said.
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