Dear Youth, This Is How GST Will Affect Your Favorite Sectors
- Hotel and Restaurants:-
Weekends Sorted!!
Dining out will get cheaper because restaurant services will be considered as services. Currently VAT and Service Tax of 20-24% are charged on your dining bills. With GST coming into picture, small restaurants will be taxed at 5%, Non AC Hotels @ 12% and AC Hotels @18%. Though Dining and stay at 5 Star may get even more expensive as they have been kept in the slab rate of 28% GST.
- Services Sector
Talking on cell phones can be expensive!!
Services sector in India is a rapidly growing sector and significantly contributing to fiscal revenues. The standard GST rate would be 18% as compared to the current 15% service tax including cesses then the services viz. IT, telecom, banking, insurance, etc may witness negative impact due to increased cost of services.
For Electronics and Real Estate Sector, click next page
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