Business

GST Council Meet: Prices of 33 Items Slashes [Check List ]

PRERNA YADAV | 0
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| December 22 , 2018 , 18:30 IST

The Goods and Services Tax (GST) Council cut rates of 33 items from 18 percent to 12 percent and 5 percent in a meeting held at Vigyan Bhawan on Saturday.

Finance Minister Arun Jaitley declared the GST rate reduction on goods which were attracting GST rate of 28% amidst finance ministers all the states.

There were around 226 goods in the 28 percent category when Goods and Services Tax (GST) was implemented on July 1, 2017.

28 items have been kept in 28 percent slabs, which are mainly luxury and sin products. Rates have been reduced for 22 items under the 28 percent slab.

From 28% to 18% GST slab rate

*Pulleys, transmission shafts, cranks, gearboxes etc, falling under HS Code 8483

*Monitors and TVs of up to screen size of 32 inches

*Re-treaded or used pneumatic tires of rubber

*Power banks of lithium-ion batteries. Lithium-ion batteries are already at 18%. This will bring parity in GST rate of power bank and lithium-ion battery

*Digital cameras and video camera recorders

*Video game consoles and other games and sports requisites falling under HS code 9504

Cement rate reduction has not been taken up as it has huge revenue implications, said Thomas Isaac, the finance minister, Kerala.

GST rate on special flights for pilgrims lowered for the economy at 5 percent and business class at 12 percent.

GST on solar power generating plants & renewable energy items reduced to 5%

Air conditioners, dishwashers largely used by an upper segment of society, left at 28%.

GST for cinema tickets less than Rs 100 reduced from 18% to 12%, for tickets above than Rs 100, GST reduced from 28% to 18%.

Karan Johar took to his Twitter account and thanked Pm Modi on reducing GST on movie tickets.

Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) shall be exempted.

Arun Jaitley said a panel will be set up to discuss Real Estate sector. He further said that rate rationalizing is an ongoing process and new rates to be applicable from January 1

On December 18, Prime Minister Narendra Modi had announced the government is aiming to bring 99 percent of items below the 18 percent GST slab and warned of stringent action against defaulters of bank loan and fugitives.