GST rates reduced for several items

Movie tickets TVs video games to get cheaper as GST Council cuts tax on 40 items

Movie tickets TVs video games to get cheaper as GST Council cuts tax on 40 items

PM Modi had indicated that the 28 per cent slab of GST would only be restricted to a few select items, such as luxury goods. Furthermore, he stated that the services supplied by the banks to Jan-Dhan account holders will also be exempted from GST. However, 12 per cent GST is applicable on sale of under-construction property or ready to move in flats where completion certificate is not issued at the time of sale.

- Finance minister Arun Jaitley said that today's GST rate reduction will have an overall impact on revenue of Rs 5500 crore.

This was announced by Union Finance Minister Arun Jaitley, who said that "six items have been removed from the 28 percent tax bracket under the Goods and Services Tax (GST) regime". "The original demand by Congress that all goods should come down to 18% & below except luxury items has been agreed by the Government".

Hailing the GST Council's decision to reduce tax rates on several items and services, President of PHD Chamber of Commerce and Industry, Rajeev Talwar on Sunday urged the government and the council to consider bringing petroleum products under the ambit of Goods and Services Tax (GST). Air conditioners, dishwashers are also in this segment, so also 13 items of automobile parts, 8 items of the cement industry.

"The Council has approved the proposal to form a seven-member GoM to study the revenue trend, including analysing reasons for structural patterns affecting revenue collection in some of the states", Jaitley said. According to a statement, the Guild is happy with the reduction of GST on film tickets, exceeding Rs 100 to 18 percent from 28 percent and up to Rs 100 to 12 percent from 18 percent.

CAIT said traders keenly await the new return filing system which is to be implemented from April 1, 2019, and hope that return will be required to be filed once in three months. As many as 16 items were moved from the 18% tax brackets to 12% and 5% brackets.

The GST Council has also made a decision to set up a centralised Authority for Advance Ruling to hear those cases in which two divergent verdicts have been passed by AARs of two different states. They are now brought into 18% Slab. "Procedural simplifications by the GST Council are significant and will ensure that rulings will be uniform across states, thus reducing litigation", CII Director General Chandrajit Banerjee said. "Except for 34 items, all other will come down to 18% and below", said Narayanswamy. The 31st GST Council meeting under the chairmanship of Finance Minister was held at Vigyan Bhavan on Saturday.

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