In a big relief to the common man, the Goods and Services Tax (GST) Council on Saturday slashed tax rates on 23 commonly used goods and services, which includes TV screens, movie tickets and sports-related items.
“Today’s GST rate reduction will have an overall impact on revenue of Rs 5500 crore,” Finance Minister Arun Jaitley said after the 31st Goods Services Tax (GST) Council meeting in the national capital.
GST on movie tickets costing up to Rs. 100 has been cut to 12% from 18%, while tickets over Rs. 100 are now in 18% slab against 28% earlier. Also, GST on vegetables has been slashed completely.
The Council proposed to cut GST rates on six of the 34 items from 28% to 18% slab. The 28% is now restricted to only luxury and sin goods, apart from auto parts and cement.
Here are all the items that have gone cheaper
From 28% to 18%
- Monitors and television screens up to 32 inches
- Retreading tyres
- Power banks of Lithium-ion batteries
- Sports-related items
- Digital and video cameras
- Movie tickets over Rs 100
From 28% to 12%
- Movie tickets up to Rs 100
- Third party insurance
From 28% to 5%
- Parts and accessories for carriages for people with disabilities
From 18% to 12%
- Articles of Natural cork
- Corks roughly squared or de-bagged
From 18% to 5%
- Marble rubble
From 12% to 5%
- Natural Cork
- Walking stick
- Flyash blocks
From 12% to Nil
- Music books
From 5% to Nil
- Vegetables, (uncooked or cooked by steaming or boiling in water), frozen, branded and put in a unit container
- Vegetable provisionally preserved (for example by sulphur dioxide gas, in brine, in sulphur water or in other preservative solutions), but unsuitable in that state for immediate consumption