GST Council Meet: GST rates of 33 items slashed from 18% to 12% & 5%, movie tickets to cheaper; here are list of items
On a new year eve for, the Prime Minister Narendra Modi-led BJP government greeted consumer with a new year perk. On Saturday, the Goods and Services Tax (GST) Council has slashed GST rates of 33 items from 18 per cent to 12 per cent and 5 per cent.
Puducherry Chief Minister V Narayanasamy on GST Council meet in Delhi said, “33 items have come down from 18% to 12% & 5% as they are common to man’s consumption goods.” The Goods and Services Tax (GST) Council meeting was held in Delhi on Saturday.
V Narayanasamy, Puducherry Chief Minister on GST Council meet in Delhi: The original demand by Congress that all goods should come down to 18% & below except luxury items has been agreed by the Government. Except 34 items all other will come down to 18% & below. (2/2) https://t.co/IaRDXjy5Wa— ANI (@ANI) December 22, 2018
“The original demand by Congress that all goods should come down to 18% & below except luxury items has been agreed by the Government. Except for 34 items, all other will come down to 18% & below,” Narayanasamy added.
Union Finance Minister Arun Jaitley said, "28% slab rate is only applicable on 34 items now. These are luxury items."
The Centre earlier this week had said that 99% of items can be moved under 18 per cent GST. The GST is the government's biggest tax reform, sets rates from 28 per cent to 5 per cent on most items, replacing an array of central and state duties.
Here are list of item on which GST rates are slashed off:
Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%.
Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. There is no GST cut on cement and auto parts.
There are 28 items left in the 28% bracket if we include luxury & sin items. 13 items are from automobile parts & 1 is cement. Cement’s revenue is 13000 crore & automobile parts revenue is 20000 crore. If they are brought down from 28% to 18% implications are of 33000 crore.