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Rates Of Services Taxes To Be Finalised Today

Do you need to shell out a higher amount on air tickets? Will your telephone bills shoot up? Will restaurants charge you less on services? You are likely to get a clarity soon as the Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley is expected to finalise the service tax rates today.

The Council will finalise the categories under which the services would fall, which is likely to be under two broad slabs –12 percent and 18 percent.

The Council today will also finalise the GST rate of six ‘contentious’ categories of products—bio-diesel, beedi and cigarettes, footwear, textiles, agricultural implements and gold.

It is understood that most of the services are likely to fall under the 18 percent slab. However, some services which are regular for the common man such as air travel services, restaurants and renting of hotels, is likely to attract lower tax rate.

The move will likely even out the overall price impact on consumers who now pay a tax of close to 15 percent on all services.

Most services, except those in the negative list of essential services such as healthcare and education, will come under GST.

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