Services sector spared from extra tax during GST transition

The government on Tuesday said that the services sector will not be charged extra tax levied during the transitional period of the implementation of the goods and services tax (GST). According to Rashmi Varma, special secretary, revenue, in the finance ministry, the one percent additional tax which is proposed to be levied during the transitional period of GST for two years will not impact services sector. Verma, who was addressing the CII (Confederation of Indian Industry) Big Picture summit held here, elaborated that the additional levy will only be charged on the manufacturing sector. She assured the industry that under the GST regime, goods and services would be taxed uniformly. She added that no final decision has been taken on GST rate. "The slabs under the GST would be minimal - one low and the other high and in between a standard slab - to keep the cascading effect to the minimal and easy to comply." "It is not in the sinful list, I can assure you that," Verma added. Courtesy: SME Times


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