GST to be consumer-friendly: Jaitely

India Infoline News Service | Mumbai | May 19, 2017 19:23 IST

Arun Jaitley, Union Finance Minister, informed on Friday that the GST bill is going to be more efficient and a consumer-friendly taxation system.

Arun Jaitley, Union Finance Minister, informed on Friday that the GST bill is going to be more efficient and a consumer-friendly taxation system.
 
While addressing the media in Srinagar he said, “Four different rate slabs for services are five per cent, 12 per cent, standard rate of 18 per cent and luxury rate of 28 per cent, out of which five per cent mostly comprises of transport services.
 
He further added: "GST in relation to the services sector was completely adopted in today's meeting. Depending on the nature of service, there are various categorisations which have been made with a set of services, which have been exempted at present.”
 
Foodgrain prices will decrease, especially rice and wheat, as these items are exempted from the GST.

Small cars will attract 1 per cent cess, followed by midsized cars will attract 3 per cent and luxury cars 15 per cent. 

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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