New Delhi: People travelling for business purposes on business class air tickets are now required to submit details about their companies to avail tax benefits under the goods and services (GST) regime. The GST framework, which came into effect from 1 July, provides for certain input tax credit only on business class tickets and there is no such provision on economy class fares. “It is now mandatory for guests travelling for business to add their company’s GST details at the time of booking. The GST rate on first class and higher class tickets is 12% while the rate is 5% on economy class tickets. “It is not compulsory to provide GST details.

Source: Mint July 02, 2017 13:30 UTC