Govt 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% - in line with those applying to goods.

Jaitley added that health care and education would remain exempted under the landmark GST. Telecoms and financial services will be taxed at a standard rate of 18% while transport services will be taxed at 5%, Jaitley told reporters after a meeting of the GST Council ...