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Service Tax Maybe Hiked In Union Budget 2017-18
The government may hike the service tax to align the same closer to the GST.
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Services tax maybe hiked in the Union Budget 2017-18 to largely align the same to the likely and proposed GST Tax rate of 18 per cent. The current rate of 15 per cent, might be slightly increased, which means many things like dining at restaurants, airline tickets etc., could become more expensive.
One is not so sure, if all of the services would be taxed at the same rate, but, it is likely that we might see some drop in the other service rates.
The GST Council has proposed on a four-slab structure, which is zero per cent, five per cent, 12 per cent and 28 per cent. The GST is expected to be implemented by July 1, 2017.
This looks difficult at the moment.
GoodReturns.in
Story first published: Thursday, January 19, 2017, 10:28 [IST]