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India hikes taxes on kitchenware, farm machinery

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Update time : 2022-06-30 09:47:36

NEW DELHI, June 29 (Reuters) - India will raise taxes on certain goods and services including kitchenware to 18% from 12%, the finance ministry said, a move that is likely to upset many consumers and businesses facing rising inflation.Agricultural machine

Kitchen utensils, LED lights, farm machinery, solar water systems as well as services like work contracts for roads, irrigation projects, hospitals and educational institutions would now be charged at the higher rate, the ministry said.Agricultural machine

Analysts said higher taxes would put an additional burden on households - already facing a surge in food and energy prices.

India's consumer price index-based inflation rose 7.04% year-on-year in May, after touching an eight-year high of 7.79% in April, but remained above the gearbox central bank's tolerance band of 6% for a fifth month in a row. read more gearbox

A decision to hike tax rates on casinos, horse racing and online gaming was deferred as some states sought more consultation, Nirmala Sitharaman, India's federal finance minister, said.agricultural gearbox

The Goods and Services Tax Council, comprising top federal and state finance ministers, agricultural gearbox decided to rationalise tax rates on certain goods and services to remove an inverted duty structure, she told reporters after a two-day meeting in Chandigarh.agricultural reducer

Prime Minister Narendra Modi had introduced GST tax in 2017, replacing about 20 federal and state taxes, aiming to unify $3 trillion economy and 1.4 billion people into a single market.

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