India finalises four GST rates for services

India finalises four GST rates for services

Srinagar: India on Friday 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 in Srinagar on Friday.
The tax rates will be 5, 12, 18 and 28 percent – in line with those applying to goods.
Telecoms and financial services will be taxed at a standard rate of 18 percent while transport services will be taxed at 5 percent, Jaitley told reporters after a meeting of the GST Council in Srinagar, summer capital of Jammu and Kashmir.

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