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Four different rates of GST taxes, no price push up : Arun Jatiley

Four different rates of GST taxes, no price push up : Arun Jatiley

India Blooms News Service | | 19 May 2017, 05:00 pm
New Delhi, May 19 (IBNS) : Union Finance Minister Arun Jatiley on Friday announced the Goods and Services Tax rates to be effective from July 1, while assuring that they will not push up prices.

According to reports, there will be four tax rates under the new regime that will apply to services including telecoms, insurance, hotels and restaurants.

The tax rates fixed by the GST Council will be five per cent, 12 per cent, 18 percent and 28 per cent, Jaitley  told reporters after attending the Council's meeting.

The council has told the Government to exempt healthcare and education from the new tax that will replace a bundle of central and state levies..

Jaitley allayed concerns surrounding the new tax regime, saying rates have not been hiked and insisted that under the new system either present rates were maintained or they have been brought down.

Telecoms and financial services will be taxed at a standard rate of 18 per cent while transport services will be taxed at five  per cent, Jaitley said.

Restaurants, depending on turnover to be taxed between five and 28 per cent.

Five perc ent GST to be levied on cab aggregrators like Ola and Uber, the Finance Minister said.