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GST Rates: All you need to Know

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GST-WEFORNEWS

May 19 , Friday : The GST Council on Friday has come up with a finalized tax rates for services under the Goods and Services Tax (GST) which is all set to roll out from July 1 this year across the country.

After the two days meeting of the council in Srinagar, Finance Minister Arun Jaitey briefed media in which he made major announcements on GST regime.

Under the new tax reforms , there is a four-tier tax structure, of 5, 12, 18, and 28 percent that will be followed. The Healthcare , third tier railway travel and education services has been exempted from this.

Below we have enlisted new finalised GST rates which all you need to know.

  • Transport services will be taxed at 5%. This rate will apply to cab companies like Ola and Uber as well as those who presently pay 6% tax.
  • AC railway tickets will attract 5 % tax.
  • Travelling in metro, local train and religious tour will be exempted.
  • Economy class air travel will be charged  5%.
  • Business class travel by airlines will come under 12 per cent tax slab.
  • Hotels and restaurants  will be levied different tax rates, depending on their services as  for Non AC -12% , AC – 18%, five star – 28% GST will be charged on food bill.
  • Hotels and lodges levying per day tariff of Rs 1,000 would be exempted from GST.
  • Hotels charging between of Rs 1,000 to 2,000 per day will fall under 12% slab while those with tariff of Rs 2,500 to Rs 5,000 would charge 18%.
  • Five Star hotels will attract 28%.
  • No tax on lottery.
  • Entertainment tax will be merged with service tax.
  • Telecom and financial services will be taxed at a standard rate of 18%. Transport services will be taxed at 5%.
  • Most of the food items exempted from GST  including wheat, rice , milk and much more.
  • Tax for gold and costier metal will discussed in next GST meeting which is scheduled on June 3.

Wefornews Bureau 

 

 

Cities

Earthquake of magnitude 4.1 hit Himachal Pradesh’s Kinnaur

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Earthquake

New Delhi, May 21: An earthquake of magnitude 4.1 hit Himachal Pradesh’s Kinnaur district at 4.21 p.m on Monday, reported news agency ANI.

No casualties have been reported so far.

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India

Sochi Informal summit: India, Russia have been friends for a long time, says Modi

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Sochi, May 21: Indian Prime Minister Narendra Modi on Monday met Russian President Vladimir Putin as part of an informal summit between the two countries. 

“Russia played a major role in helping India get a permanent membership in SCO. We are working together on International North-South Transport Corridor (INSTC) and BRICS”, said Modi.

The Indian Prime thanked Russian President for inviting him for an informal meeting at Sochi. He stated “India and Russia have been friends for a long time”.

Modi arrived in Russia’s Sochi for an informal summit.

The summit is being held on the lines of the Wuhan informal summit between PM Modi and Chinese Premier Xi Jinping. The meeting between the two leaders is the first since the re-election of Putin as the President of Russia.

Duo are scheduled to meet in the coastal city at around 01.00 pm and hold restricted one-on-one talks.

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Jaya Jaitly upset with Priyanka’s ‘British aristocrat’ dress at Royal Wedding

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Priyanka Chopra Jaya Jaitly

New Delhi, May 21: Former Samata Party president and textile revivalist Jaya Jaitly was disappointed to see that Indian actor Priyanka Chopra opted to dress up like a “British aristocrat” at the royal wedding of Duke and Duchess of Sussex.

Duke and Duchess of Sussex ”Prince Harry and Meghan Markle”

She says Priyanka could have opted for a “beautiful” sari as independent India has so much to show to the world.

“How sad an Indian actor attending the royal wedding in UK should dress like a British aristocrat at Ascot rather than represent a free and independent India in a beautiful sari,” Jaitly tweeted on May 19, the day when actress Meghan Markle wed British Royal Prince Harry.

However, her complaint goes beyond Priyanka’s dress.

Jaitly told news agency IANS: “All these actors, they dress up in all these fancy gowns by fancy designers who pay them for wearing their outfits and so they get fat money. Now, I keep feeling as I am loyal to our weavers and our textiles in India and we are working all our lives to revive it… We never attach a human being (the weaver’s name) with the brand name unless it has a designer’s name.

“We will say Kanjeevaram or Sambalpuri or something else and that’s the unfair practice all over the world and particularly in India.”

As Founder and President of Dastkari Haat Samiti, an art and craft market to enable rural artisans of traditional Indian crafts to gain confidence in the marketplace through many innovative strategies, Jaitly has been at the forefront of promoting Indian handicrafts and textiles.

She questions why Indian actresses wear western gowns to red carpet events abroad.

“Even in Hollywood (red carpets), where if I see Deepika Padukone wearing long gowns… they never really can compete. It’s like Indian fashion designers trying to do western dresses… Why don’t they wear most beautiful gorgeous sari, and everyone will go ‘wow’.”

An Indian activist, Suhani Jalota, who runs Myna Mahila Foundation, attended the royal wedding in an elegant sari designed by Indian brand Raw Mango run by designer Sanjay Garg.

Suhani Jalota

Counter-questioned about the existence of a dress code to attend the royal wedding, Jaitly said: “In the royal wedding, it was all about inclusiveness and welcoming others’ society, people, race and colour. The royal family and all these people went all out to emphasise the American-African identity of the bride and everyone was raving about the bride’s mother too because they were different.

“I felt sad when I think that why do we copy them and never quite get it right. We have so much to show and show off.”

On the dichotomy of a dress code, Jaitly pointed out: “When somebody in a village in India says ‘Sar dhako (cover your head)’, we don’t want that… When somebody says, ‘Don’t wear jeans in college’, we say ‘Who are you to tell us a dress code?’. But if Queen in England descends an invitation and say you got to wear a hat, which is not part of your culture, you will start saying there was a dress code.

“I don’t understand these various double standards.”

She said people may not agree with her, but in her words, “Just like Priyanka has the right to wear whatever she wants, I have the right to express my opinion.”

IANS

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