Modi-led government has given a New Year gift to the common man of India by reducing the GST rates on 23 goods and services including movie tickets, TV and monitor screen.
The government has notified that the GST rates have been cut down on some selected items. Now, consumers will have to spend less money on the products from 1st January 2019 as the Goods and Services Tax has been reduced by the government of India.
On 22nd December, the GST Council decided to cut tax rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks and exempted frozen and preserved vegetables from the levy.
The Council had rationalised the 28 per cent slab and also restricted the highest slab to luxury, demerit and sin goods, besides large screen TV, Air Conditioners, dishwashers and cement.
The government has reduced the GST on the goods from 28 per cent to 18 per cent, includes pulleys, transmission shafts and cranks, gearboxes, retreaded or used tyres, digital cameras, video camera recorders, video game consoles and power banks of lithium-ion batteries.
The GST Council has also decided to slash the tax rate on parts and accessories for the carriages for disabled persons from 28 per cent to 5 per cent. Also, the GST rate on the third party insurance premium of goods carrying vehicle has been reduced from 18 to 12 per cent.
Also, marble rubble, natural cork, fly ash, walking stick and block will also attract lower GST rate of 5 per cent.
Services supplied by banks to basic savings bank deposit account holders under the Jan Dhan Yojana will not attract the GST.
-With PTI inputs