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GST rates on services finalised: Education, healthcare to be exempted
Posted on: 19-05-2017 , 05:07:PM | DY365 Bureau

 PIC COURTESY- PTI
May 19, 2017- The Goods and Service Tax (GST) Council on Friday finalized tax rates for services under the GST regime which is scheduled to be rolled out from July 1.
 
There will be four rates for services at 5, 12, 18 and 28 percent, similar to tax slabs for goods. Healthcare and education will be exempted from GST.
 
Finance minister Arun Jaitley Jaitley said, "Restaurants with turnover of Rs 50 lakh or below will face 5 percent tax under GST while non-AC restaurant will face 12 percent tax."
 
Additionally, AC restaurants and those with liquor licence will be charged 18 percent GST and 5-star hotels will be levied 28 percent. Meanwhile hotels with tariff of Rs 1,000-2,500 will have to pay 12 percent rate, he added.
 
Revenue Secretary Hasmukh Adhia said 7 percent of the items fall under the exempt list while 14 percent have been put in the lowest tax bracket of 5 percent. Another 17 percent items are in 12 percent tax bracket, 43 percent in 18 percent tax slab and only 19 percent of goods fall in the top tax bracket of 28 percent.
 
Five percent GST will be levied on cab services’ like Ola and Uber.
 
Prices of food grains, especially wheat and rice, will come down as they will be exempt from the GST. Currently, some states levy Value Added Tax (VAT) on them.
 
 

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