The Goods and Services Tax would be consumer friendly as health care and education to be exempted from the ambit of the bill, said Finance Minister Arun Jaitley in Srinagar.
Finance Minister Arun Jaitley said four different rate slabs would be fixed for services: 5%, 12%, standard rate of 18% and luxury rate of 28%. Five per cent rate slab mostly comprises of transport services, he added.
Restaurants with turnover of Rs 50 lakh or below to face 5% tax under GST and non-AC restaurant at 12%.
Four different rate slab for services are 5%, 12%, standard rate of 18% & luxury rate of 28%. 5% mostly comprises of transport services: FM pic.twitter.com/VXrKQzeuj6— ANI (@ANI_news) May 19, 2017
The goods and services tax is slated for launch from July 1 which is India's biggest tax overhaul since independence.
With the GST, India will join select league of nations with a goods and service tax. France was the first country to implement the GST in 1954.
(With agency inputs)