Expressing disappointment the hospitality sector said the rates are too complex

Expressing disappointment the hospitality sector said

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Expressing disappointment, the hospitality sector said the rates are too complex, high and uncompetitive, and said they will be approaching Union Finance Minister Arun Jaitely and Union Tourism Minister Mahesh Sharma for a review of the rates. The GST Council announced that non-AC restaurants will charge 12% GST on food, AC restaurants and those with liquor licence 18% per cent, and five star hotels will charge a GST of 28%. Academicians for GST GST is the biggest reform this year, says Prof. Neeraj Hatekar, who teaches Economics at the University of Mumbai. He predicts that GST will create a common market for goods and services reduce the aggregate tax burden as tax on taxes is being done away with. “We should not worry about the inflationary impact; it’s not going to be much. It will increase economic activity in the economy leading to more jobs, more activity and faster growth. Hence, in the long run it will positively affect the common man. All industries should be happy with this reform.” “The common man should be relieved as foodgrains and milk are exempt and other essential items of mass consumption like edible oil, sugar, tea, life-saving drugs and electricity bills should cost less. However, it’s too early to predict the overall effect of GST on the common man; at least he will be spared the assault of multiple taxation.” says Prof. Geeta Menezes, who teaches Economics at Mithibai College. 2. GST to help improve India's exports: Sitharaman NEW DELHI MAY 20, 2017| BUSINESS STANDARD Commerce Minister Nirmala Sitharaman on Saturday said the Goods and Services Tax (GST) will help improve India's export growth. "The way the fitment discussions have happened in the GST Council and the way commodities and services have been treated, GST is only going to help in improving our exports," Sitharaman said here, briefing on three years of initiatives and achievements of the Commerce Ministry. 18
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India's total exports rebounded in this services. The GST Council on Friday announced the fitment of services and 1,211 goods in the GST tax rates, heading towards the July 1 rollout of the new indirect tax regime. With a growth of 4.95 per cent in 2016-17 despite a negative grow 3. Govt says GST won’t raise cost of most services; experts not so sure MAY 20, 2017, TIMES OF INDIA The Centre and states on Friday crossed another major milestone towards launching GST (goods and services tax) by agreeing on a four-tier tax structure for services that should make economy class air travel and cinema tickets cheaper. The government maintained that cost of other services will not rise, but not all industries and tax consultants are as convinced. The four slabs of 5%, 12%, 18% and 28% mirror the GST rates on goods. The GST Council, opted for the highest slab of 28% levy on rooms and restaurants in five-star hotels, along with cinema tickets and betting at race courses, while pegging the rates on telecom and financial services at 18%.
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  • Fall '17
  • Mahvish ali

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