Telecom sector disappointed with 18% GST rates

Naveen Patnaik GST Odisha Assembly One Market Service Tax Bill State Goods Odisha

The Tripura government held a meeting on GST with all legislators on May 12 and a workshop for the media would be held in Agartala on May 20.

The meeting of the GST Council, headed by Jaitley and consisting of state finance ministers, kicked off here today.

"We hope that the country's GDP will increase by 2 per cent following GST implementation".

The GST council has recently fixed a tax rate of 18% on mobile and financial services, while exempting education and healthcare from GST levy. China implemented GST in 1994 while Russian Federation did it in 1991. The cess will be used to compensate the states for revenue loss arising out of the GST implementation in first five years.

Telecom group COAI (Cellular Operators Association of India) Friday said that 18% of levy under the new GST (Goods and Service Tax) will make telecom services costlier for consumers.

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Smalls cars will be charged one per cent cess on top of 28 per cent tax, while mid-sized cars will attract three per cent cess and luxury cars 15 per cent on top of peak rates.

As a large number of Central and State taxes will be subsumed into the GST, the cascading of taxes will be minimised and this will result in benefits to business and industry as well as consumers.

The tax rates will be decided in a fashion to keep their impact on inflation as well as revenues to the government near neutral.

Almost 81 per cent of products under the GST would be charged below the 18 per cent bracket, said Revenue Secretary Hasmukh Adhia.

According to industry sources, at present the ayurvedic medicines and products have a total tax incidence of 8-9 per cent depending on items. "By implementing the proposed GST we can also create a better environment for business".

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