Services such as those of tour operators, leasing of aircrafts, economy class air travel, transport of goods by rail, rail travel other than sleeper class and radio taxi travel will attract a 5 per cent levy under GST.
In February, the Finance Ministry had sought clarifications from the Labour Ministry, mainly pertaining to the EPFO’s ability to pay an interest rate of 8.65 per cent and the payouts to be made in case of inoperative accounts.
The Centre has reiterated that rates will be closer to existing tax incidence, but industry says early knowledge of structure will help it undertake pricing of products commensurate with new taxation system
Centre’s move to bring in 40 amendments as part of the Finance Bill, like quoting Aadhaar to file ITR and removal of cap for firms for contributions to political parties, among others, has come under Opposition fire.
In an interview to The Indian Express, Anant emphasised that additional data will help in getting a better picture of October-December, the quarter of demonetisation, and it will be reflected in revised estimates next year.