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
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