Upheavals to settle down in telecom, no threat to jobs: Manoj Sinha
- Author: Zachary Reyes May 25, 2017,
May 25, 2017, 23:21
Currently, sugar attracts specific central excise duty of Rs 71 per quintal plus a cess of Rs 124, which translates into ad valorem rate of more than 6 per cent. Including incidence on account of account of CST, octroi and entry tax, the present total tax incidence would work out to more than 8%, the finance ministry said.
However airlines may not transfer the benefits of a lower tax on economy class tickets to passengers, said credit rating agency ICRA Ltd, adding that the GST tax reforms will not have any material impact on air passenger growth either.
The medical device industry expects the tax load in the Goods and Services Tax (GST) regime to increase, which will result in a higher cost burden on patients, an official said on Wednesday. Meanwhile, GST on business class air travel has been raised 3 per cent to 12 per cent. "Therefore, if the sector can not be exempted from the GST, we ask for the minimum rate of 5 per cent at the most, for the betterment and growth of the industry", said Babu.
The GST Council has finalized tax rate of 12 per cent on construction of a complex, building or civil structure for sale to a buyer.The current indirect tax rate on the sector is also in the range of 9-11 per cent, including service tax and VAT.
Once the GST regime rolls in on July 1, apartment owners will have to pay about 2.5% additional tax on maintenance charges.