Service Sector To Attract Tax Rate Of 18% Under GST: Adhia

Posted By: Religare
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    The Indian Government has said that services sector is likely to attract a higher tax rate of 18 per cent from the current 15 per cent under the Goods and Services Tax (GST) regime, thus making services slightly more expensive.

    Service Sector To Attract Tax Rate Of 18% Under GST: Adhia
    Commenting on the issue, Revenue Secretary Hasmukh Adhia told the media, "Yes, for the services sector the standard rate may move to 18 per cent."

    "Whatever is in the present exempt list, we will try to continue it. We would recommend this to the Council and it will take a view on it. Most probably they should agree. Our attempt is not to upset too many things in one go," he added.

    As per reports, at present, the services sector is taxed at 14 per cent with two additional cesses -- Swachh Bharat Cess and the Krishi Kalyan Cess attracting half a per cent each -- taking the burden to 15 per cent.

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