Jailtey called GST, which is expected to be rolled out from July 1, as a more efficient tax structure. The consultancy sums up that the new tax regime will lift by 18% the photovoltaic (PV) module cost, add 3% to all service costs, and increase inverter costs by roughly 12%.
Classification of different item sunder various tax slabs of GST has created an environment of anxiety and concern among the trading community across the country, Confederation of All India Traders said today. They have been classified in four tier slab - 5, 12, 18 and 28 per cent.
Other renewables equipment, including wind turbines, marine energy devices and solar lamps got a 5% tax, according to the GST document released earlier in May.More news: Adieu, Angie! No. 1 Kerber out of French Open in 1st round
Among the goods, mass consumption items like fresh fruits, vegetables, pulses, bread and milk have been exempt from any taxes, and the same holds true for services like health and education. The present multiple taxation system is transformed into the GST and all the taxes are amalgamated. "We believe prices should come down".
In view of growing discontent about proposed GST rates, CAIT has urged the government to revisit the rate schedule.
Kapoor had also stated that there was an anomaly which would be addressed soon.More news: Texas Gov. Greg Abbott mulling special legislative session
Domestic coal sales now attract a 11.69 percent duty.
Hailed as a "revolutionary" tax regime, the GST is said to be India's biggest tax overhaul since independence in 1947.
Currently, these services attract an entertainment tax in states in the range of 10-30 per cent over and above the service tax levy of 15 per cent. Considering that GST will be chargeable on the land value as well, CREDAI (the apex body of private real estate developers associations) has requested State Governments to abolish the stamp duty levied on landed property, to avoid multi-point taxation after the introduction of GST.More news: Brewers OF Ryan Braun faces longer DL stint for calf injury