GST Council - Majority services taxable at 12% & 18%; Most exemptions to be grandfathered

GST Council announces 4 rates for services - 5%, 12%, 18% and 28%; 5% rate mostly for transportation services; Most of current service tax exemptions grandfathered and may continue under GST; Healthcare & Education shall continue to be exempt; Rates for Restaurant services will vary as per tariffs charged and facilities provided, ranging from 12-18%; Gambling and Cinema services to fall under 28% slab, as entertainment tax merged with service tax under GST; ​Works contract taxable at 12% with full Input Tax Credit; Council to meet next on June 3rd to deliberate on rates for gold & precious metals : GST Council Press Conference