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Goods and Service Tax rates: 83 services exempt, 13 in 5% slab

Goods and Service Tax rates: 83 services exempt, 13 in 5% slab

The Council has already finalised the tax rates for 1,211 items.

Mumbai: The Goods and Services Tax (GST) may not result in substantial savings for consumers on their medical bills with medicines falling under the 18% tax slab. Coronary stents, coronary stent systems for use with cardiac catheters, artificial kidney, disposable sterilised dialyser or microbarrier of artificial kidney will be taxed at the lower slab of 5%, while spectacle lenses, glucometer and test strips are under 12% slab.

Entertainment activities, household and personal care products will become cheaper under the upcoming regime. In the rate schedule, it appears that the tax incidence is the same for most products, apart from distortions across select products like small-sized motor vehicles, which are subject to peak GST rate of 28 per cent, along with compensation cess ranging from 1 per cent to 3 per cent.

US plans test of defence system to shoot down an ICBM
The target will be a custom-made missile resembling an ICBM, fired from the Kwajalein Atoll in the Marshall Islands. Though it succeeded in the last test in 2014, it failed during the three prior attempts.

So, with the new rates coming into effect, your monthly budget which includes essential items will also get affected.

The GST on hotels where the tariff is lower will have to pay less tax, and this will help increase jobs, said Ritesh Agarwal, who heads OYO, a grouping of hotels with less tariff. A few items, however, will cost more. "This is also likely to slow down the planned rollout of infrastructure across the country and will have an impact on flagship government initiatives like Digital India, cashless India and others", said Rajan S. Mathews, Director General, Cellular Operators' Association of India (COAI). Service tax on telecom like phone bill payment totals to 15 per cent at present. The tax rate for AC restaurants and those with liquor licence will be 18 per cent. In a boost to industry, the tax rate for capital goods and industrial intermediaries was fixed at 18%. However, electric cars will attract a tax of 12 per cent.

Economy class air travel will attract 5 per cent GST while business class will be charged 12 cent, he said. However, hotels with tariff under Rs 1,000 are exempt from the GST regime.

Cuomo won't march in Puerto Rican parade, doesn't say why
Rivera rejected clemency from former President Bill Clinton in 1999 because it was not extended to another imprisoned FALN member. Parade organizers stand by their decision to honor Lopez Rivera as "Procer de la Libertad" - National Freedom Hero.

Work contracts like white washing will be liable for a 12 per cent GST. Bigger sedans (engine size 1,500cc and length 4,000 cm) and SUVs (engine size 1,500cc and ground clearance 170mm) may see lower taxation and eventually reduction in vehicle prices, despite 15% cess above the base GST rate of 28%.

Jaitley said tax on gold and precious metals will be taken up at the next meeting of the Council on June 3. "Let's be honest, let us try to pass down the actual tax rate to the consumer and let's not try to increase tariff only because of tax rate going up", he said.

TD Asset Management Inc. Lowers Stake in Teva Pharmaceutical Industries Ltd (TEVA)
Cribstone Capital Management LLC boosted its position in shares of Teva Pharmaceutical Industries by 3.3% in the first quarter. ILLEGAL ACTIVITY WARNING: This report was published by Sports Perspectives and is the sole property of of Sports Perspectives.


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