Arun Jaitley announced GST from July 1

     Written by : SMTV24x7 | Sun, Jun 18, 2017, 05:53 PM

Arun Jaitley announced GST from July 1

New Delhi June 18: Touted as the biggest reform in the country's indirect tax structure, the GST will introduce a single tax on supply of goods and services, right from the manufacturer to the consumer.With the Goods and Services Tax (GST) set for a July 1 rollout, Union Finance Minister Arun Jaitley on Sunday stated that state-run lotteries will be taxed at 12 percent of the face value, while a 28 percent tax rate has been fixed for state-authorised private lotteries.

Addressing the 17th GST Council meeting at Vigyan Bhawan, Jaitley said 28 percent limit in hotels will start from Rs 7,500, while a GST rate of 18 percent has been made applicable for hotel rooms between Rs 2,500 to Rs 7,500.

The Finance Minister further said GST on restaurants in these hotels will be at par with other air-conditioned restaurants (18 percent). Jaitley also confirmed that the GST will roll out on July 1 and the next meeting of the GST Council will be held on June 30. "We don’t have the luxury of time to defer the implementation of GST. Council decided categorically it will be implemented from 1st July onwards," he said.

The latest announcement comes nearly a week after the GST Council revised downward tax rates for 66 items including movie tickets of Rs 100 and below, incense sticks, insulin, school bags, computer printers.
Touted as the biggest reform in the country's indirect tax structure, the GST will introduce a single tax on supply of goods and services, right from the manufacturer to the consumer. Once it comes into effect, it will subsume all central and state-level taxes and levies on all goods and services within an integrated tax having two components: a central GST and a state GST.