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India finalises four GST rates for services

Reuters  |  NEW DELHI 

NEW DELHI (Reuters) - India has finalised four tax rates that will apply to services including telecoms, insurance, hotels and restaurants under the new Goods and Services Tax (GST) which should be rolled out on July 1, Finance Minister Arun Jaitley said on Friday.The tax rates for services 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 said."The net effect of Goods and Services Tax will not be inflationary," Jaitley told ...

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First Published: Fri, May 19 2017. 16:32 IST