Fin Min clarifies 5-star accommodations to attract 18% GST
The Dollar Business Bureau Hotels especially 5-star rated ones will attract a GST of 18% for room tariffs of less than Rs.7,500, a government release told PTI sources. As per the rate structure decided by the GST Council, hotels, clubs having room tariff of Rs.1,000 and above but less than Rs.2,500 per room per day will attract 12% tax. In cases where the room tariff is Rs.2,500 and above but less than Rs.7,500 per room per day, an 18% GST would be charged. The finance ministry said in a statement that it is clarifying the doubts that it has received wherein it was expressed 'whether 5-star hotels are liable to pay GST at 28% irrespective of the declared tariff of a unit of accommodation.' Issuing a statement on the same, the ...
Indian Railways to join hands with Malaysia to modernise and redevelop 20 stations across country
The Dollar Business Bureau The Indian Railways is making plans to join hands with Malaysia to redevelop about 20 stations in Tier-II cities across the country. This project could attract nearly Rs 1 lakh crore in private investment the railways said. The redevelopment project entails infrastructure revamp at platforms and in the circulating areas. The project also encompasses development of station areas for commercial purposes. The government has plans to construct hotels, eateries, shopping malls, office complexes and multiplexes in the excess land that railways has, for the developers to be used for 45 years. For facilitating growth of Tier II cities such as Faridabad, Cuttack, Amritsar, Jamshedpur, Kochi, Jammu, and Bikaner, the Centre, state and local governments ...
Outlook for services output in current fiscal positive: HSBC Survey
The Dollar Business Bureau Hopes of better economic conditions and forecasts of stronger demand contributed to positive sentiment regarding the outlook for services output in the coming 12 months, said the HSBC India Services Business Activity Index. Moreover, the level of optimism signalled in April was the highest since January. Among the six observed categories, confidence was strongest at Hotels & Restaurants, said the survey. Down to a three-month low of 52.4 in April (March: 53.0), the Index pointed to a modest and softer rise in output across the sector. Where growth was noted, this was linked by firms to higher volumes of incoming new business. By category, the quickest increase was seen in Post & Telecommunication, while Hotels & Restaurants was ...
Private sector output rises for eleventh month running: HSBC Survey
The Dollar Business Bureau Business activity in the Indian private sector economy expanded for the eleventh consecutive month in March. Adjusted for seasonal influences, the headline HSBC India Composite PMI Output Index fell marginally from 53.5 in February to 53.2 in March, indicating a marked rate of growth, said a HSBC Survey. Whereas manufacturing production expanded at an accelerated pace, services activity growth moderated. The seasonally adjusted HSBC India Services Business Activity Index posted 53.0 in March (February: 53.9). The latest reading was indicative of a moderate rate of expansion that was slightly weaker than in the prior month. Sources highlighted sustained new business growth. Output rose in four of the six broad areas of the service economy, the exceptions being Financial Intermediation ...
