GST and its impact on the education sector

GST and its impact on the education sector

India's biggest tax reform, which is the introduction of GST was launched earlier, toady in the country at midnight.It was released by the Prime Minister Narendra Modi in the Parliament's historic Central Hall, in the presence of President Pranab Mukherjee.GST was introduced in the country with the simple aim of making the taxation process simpler by removing the concept of multiple taxes. Now, after its launch GST is all set to impact the education sector as well which is one of the important segment of the country.Since, major share of the economy is fulfilled by the education sector (primary, middle, secondary and higher) providing low cost and quality education is one of the main aims of the nation.According to the amendment, GST on coloring books, exercise books, notebooks, and crayons will be 12 percent. Whereas, the GST on stationary items like pens and school bags will be 18 percent. Talking about the services, some of the educational institutes and traditional courses will be exempted from GST. Coaching institutes for the competitive exam will face a major challenge as they will face the GST of 18 percent.Some of the services which will be exempted from GST under the GST Act will be: Services provided by the training providers under Deen Dayal Upadhayaya training coursesServices provided by the assessing bodies empanelled by Directorate General of Training Ministry of skill Development and EntrepreneurshipServices provided by the training activities related to arts or culture or sports by charitable organizations registered under the section 12AA of Income Act, 1961. Words of the education director "Education at all levels should be least burdened as it's already the most important considered section in our nation. For the past so many years, we have been witnessing the advent of schemes promoting literacy rate in various regions of our country. Thus, GST rate should be in line with the schemes promoting education for all," said Anita Choudhary, Vice Principal, DPS Raj Nagar Extension.

Repost:-
https://www.brainbuxa.com/education-news/gst-and-its-impact-on-the-education-sector-6694 "BRAINBUXA" https://www.brainbuxa.com/

Repost:-
http://brainbuxanews.weebly.com/brainbuxa/gst-and-its-impact-on-the-education-sector "BRAINBUXA" http://brainbuxanews.weebly.com/