GST To Ease Tax Rates On Medicaments, Smart Phones, Medical Devices

Easy system liquidity is necessary to minimise the magnitude of such disruption and to absorb the sudden changes in requirement of short term finance it added. Image for representation

On the last day of a special session of the state Legislature, the Maharashtra Assembly passed the State Goods and Services Tax (GST) Bill on May 22.

Ministry of Finance has clarified that under GST, entertainment will attract lower rate of tax than the present rate.

The services offered through admission to cinematography films or entertainment events in cinema halls will be imposed with a rate of 28% under GST effective from July 1, the Finance Ministry said in a statement.

"Whereas for all other sectors GST is their total indirect tax liability, for real estate the GST rate fixed at 12 per cent is only a fraction of its tax burden".

However, assuming that GST does have the intended effect of increasing tax compliance, the tax burden would increase.

"The Delhi Cabinet approved convening of the session of the Delhi Legislative Assembly for a one-day sitting on May 31 for the passage of the State Goods and Services Tax (SGST) Bill", the government said in a statement. "However, the entertainment tax rates in respect of exhibition of cinematography films in theaters/cinema halls, now levied by states are as high as 100 per cent in some of the states", said the ministry. He further said that the new tax intends to tackle the problem of tax terrorism, also it will be an important step to end tax corruption in the country. The service tax levied by the central government is at 15%.

He added that in the number of discussions with the government, TAIPA had stated the impact of such non-inclusion and higher tax rates which will further impact the overall financial health of the telecommunication industry. Still, it adds that the long-term prospects of the industry would not be hurt by the GST as the higher tax rates will be compensated for by falling prices. As against this, the proposed rate under GST is 12%.

Puja samagri including havan samagri has been kept under the "nil" category, though exact formulation for the same is yet to be finalised.

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