According to the Goods and Services Tax (GST), the new scale of service tax will be a little higher; while it was 15% (including Swatch Bharat Cess and Krishi Kalyan Cess) in the old taxation format, it will become 18% according to the new system. Agriculture, education and healthcare will remain out of the service tax discipline, as it was before.
According to the new system, service tax (or GST) will be payable in case of a turnover higher than 20lakhs per annum, while presently an income above 10lakhs is taxable. The exemption list has not been made final yet, says Hansmukh Adhia, the Revenue Secretary. In all possibilities, transport will remain in the lowest (5%) tax slab. Petrol and petroleum products will not be taxable under GST. The government has planned to bring GST into action from July 1; some industry shareholders have raised a cry for a little delay. The GST council will have a meet in Srinagar on May 18-19, to decide over the laws.
#GST #servicetax #Revenue_Secretary
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