GST rate cut |
After the announcement of GST simplification last week THe GST Council reduces Tax rates for 23 items effective from January next year. India`s Goods and Service Tax Council in its 31st meeting held in New Delhi took a slew of decisions relating to changes in GST rates, exemptions and clarifications on connected issues. The decisions of the GST Council, would be given effect to, through Gazette notifications/ circulars which shall have force of law. The GST Council reduced tax rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks. With this, only 28 goods are left in the highest 28 percent tax bracket. 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 percent from 18 percent, while tickets over 100 rupees will attract 18 per cent tax, against 28 per cent earlier. Accessories for carriages for specially-abled persons have been brought down to 5 per cent. The annual revenue implication of the rate cuts will be 5 thousand 500 crore rupees. Now 28 percent slab rate is applicable on cement and auto parts and luxury items like Air Conditioner and dishwasher.
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