May 19, 2017 / 10:18 AM / 2 months ago

India finalises four GST rates for services

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NEW DELHI, May 19 (Reuters) - India has finalised four tax rates that will apply to services including telecoms, insurance, hotels and restaurants under a new sales tax which should be rolled out on July 1, Finance Minister Arun Jaitley said on Friday.

The tax rates will be 5, 12, 18 and 28 percent - in line with those applying to goods, .

Telecoms and financial services will be taxed at a standard rate of 18 percent while transport services will be taxed at 5 percent, Jaitley told reporters after a meeting of the GST Council in Srinagar, summer capital of Jammu and Kashmir state. (Reporting by Manoj Kumar and Rajesh Kumar Singh; Editing by Douglas Busvine)

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