India Cuts GST Rates On Numerous Items
by Mary Swire, Tax-News.com, Hong Kong
27 June 2017
India's Finance Minister, Arun Jaitley, on June 11 announced that India will cut goods and services tax (GST) on 66 items, ahead of the introduction of the tax from July 1.
The concessions will reportedly cover a wide variety of items, including cinema tickets, packaged food, printing equipment, and insulin. These will be taxed at either five percent or 12 percent, rather than 12 or 18 percent.
The GST Council rejected a request from the telecoms sector that its services face a 12 percent rate, rather than an 18 percent rate.
The GST Council also agreed on which businesses will benefit from the GST fixed rate scheme, which allows for simplified accounting for GST at a reduced fixed rate but no access to input tax credits.
India is progressing with a four rate regime, with rates of five percent, 12 percent, 18 percent, and 28 percent.
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