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Saturday, 27 May 2017

Telcos need to rejig their costing, prices under GST

After the Goods and Services Tax (GST) regime comes into effect, the telecom companies will need to re-work their costing and prices, the Finance Ministry said on Friday. "After GST regime, telecom companies would be required to re-work their costing and credits' availability and rejig their prices and ensure that the increased availability of credit is passed on to the customers by lowering their costs," the ministry said in a statement here. Telecommunication services currently attract a service tax of 14 per cent, along with Swachh Bharat Cess (SBC) of 0.5 per cent and 0.5 per cent Krishi Kalyan Cess (KKC). As against it, the telecommunication services will attract GST of 18 per cent in the GST regime.

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Riyanshi

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