GST for services: Health, edu stay exempt; others taxed at 5, 12, 18, 28%
Transport to be taxed at 5%; restaurants with turnover of Rs 50 lakh or below will face 5% tax Govt has finalised four tax rates that will apply to services including telecoms, insurance, hotels and restaurants under a new sales tax which should be rolled out on July 1, Finance Minister Arun Jaitley said on Friday. The tax rates will be 5%, 12%, 18% and 28% - in line with those applying to goods. Jaitley added that health care and education would remain exempted under the landmark GST. Telecoms and financial services will be taxed at a standard rate of 18% while transport services will be taxed at 5%, Jaitley told reporters after a meeting of the GST Council in Srinagar. Read this: CPEC has 'very worrying aspects' for Pakistan, says writer Nadir Hasan The finance minister said that various categorisations were made under GST based on the nature of services. Transport services would be taxed at 5 per cent, he said, adding that restaurants with turnove...