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Odisha Assembly passes GST Bill

Odisha Assembly passes GST Bill

Services are to be taxed under 5%, 12%, 18% and 28%. It is for Jammu and Kashmir and its Assembly to decide what they want to do (on GST implementation).

Behera said GST will unify at least 17 central and state taxes together and products manufactured in the country, including in Odisha, will be able to compete in the global market.

The rules of transition and returns have also yet to be approved, Mr Adhia said. The next step will be for Governments, State and Central to now notify these.

"The proposed tax structure on services is much more complex than we have at present".

The Goods and Services Tax (GST), set to be launched from July 1, will have rates of 5, 12, 18 and 28 percent for services, in line with those applying to goods. A few items, however, will cost more. "The passage of the third Bill pertaining to abolition of some Acts is expected to be a mere formality once the two main Bills are passed", the source said. The exemption list or nil rated has been kept to a minimum and the same includes fast-moving consumer goods like milk, eggs, vegetables, cereal, etc.

"Levying GST at the demerit rate of 28% for 5-star hotels could be a dampener for tourism, especially in cases of business travel in a State where the recipient does not have registration", Sachin Menon, national head, Indirect Tax, KPMG in India, said.




Jaitley said tax on gold and precious metals will be taken up at the next meeting of the Council on June 3.

Entertainment tax will be merged with service tax under GST and a composite 28 per cent levy charged on cinema services as well as gambling or betting at race course. Deviation in rates has been made even for the same industry depending upon the class of service.

Under the new regime, while healthcare and education services will be tax exempt, services offered at five-star hotels will be taxed at 28 percent.

Behera said the Centre would have no right to impose tax on the sale of products and the states would not be able to impose tax on services.

Rating agency ICRA's Senior Group Vice President Subrata Ray said the prices of relatively price sensitive small cars may increase marginally post GST, while original equipment manufacturers would pass on the benefit of lower taxes to customers on bigger vehicles and SUVs. "Finally, the GST in relation to service sector was completely adopted in today's meeting", Jaitley said.


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