Accessories for carriages for specially abled persons have been brought down to 5 percent
AMN
The GST Council today cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks. Monitors and TV screens up to 32-inches and power banks will attract 18 per cent GST, as against 28 per cent earlier.
GST on movie tickets costing up to 100 rupees was cut to 12 per cent from 18 per cent, while tickets over 100 rupees will attract 18 per cent tax, against 28 per cent earlier.
Briefing media after meeting of the council in New Delhi this evening, Finance Minister Arun Jaitley said, accessories for carriages for specially abled persons have been brought down to 5 per cent.
He said, the new GST rates will be effective from 1st January next year. The Minister said, the annual revenue implication of the rate cuts will be 5 thousand 500 crore rupees.
Mr Jaitley said, the services supplied by the banks to Jan-Dhan account holders will be exempted from GST. He said, the Law Fitment Committee will take a view on GST on real estate in the next meeting.
The Finance Minister said, now 28 percent slab rate is applicable on cement and auto parts and luxury items like Air Conditioner, dishwasher.
The GST Council meeting has also approved proposal to form a seven Member Group of Ministers to study the revenue trend, including analysing the reasons for structural patterns affecting the revenue collection in some of the states.
The study would include the underlying reasons for deviation from the revenue collection targets vis a vis original assumptions discussed during the design of GST system, its implementation and related structural issues.
Prime Minister Narendra Modi had said earlier this week that his government is working to ensure that 99 per cent items are brought under 18 percent or lower GST slabs.