Six items removed from 28% GST slab

Six items removed from 28% GST slab

During media briefing after the meeting, Jaitley said, "Here are 28 items left in the 28% bracket if we include luxury and sin items".

The reduced rates are likely to come into effect from January 1, 2019, Finance Minister Arun Jaitley told reporters after the 31st meeting of Goods and Services Tax (GST) Council here.

GST on movie tickets costing up to Rs 100 was cut to 12 per cent, from 18 per cent, tickets over Rs 100 will attract 18 per cent GST, against 28 per cent earlier.

"The GST on wheelchair accessories has been brought down to 5 per cent from the existing 28, which will also allow the payment of input tax credit that is not possible with zero tax", Jaitley said. 18% GST will now be levied in movie tickets above Rs 100 and 12% in tickets below Rs 100.

Services supplied by banks to basic savings bank account and Jan Dhan accounts will be exempt from GST.

"GST rate on third party insurance premium of goods carrying vehicles shall be reduced from 18% to 12%", said an official statement.

"This will help the industry move forward positively with increased investments in both exhibition infrastructure and creative development, enabling even better cinema and greater screen density across the country. If they are brought down from 28% to 18% implications are of Rs 33,000 crore", he said. Jaitley said there was no discussion on CST rate for cement in the council team. The decision was taken during the 31st GST review meeting at Vigyan Bhawan in New Delhi.

The Finance Minister said that there will be no GST cut on cement and auto parts.

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On Tuesday, Modi said the government was planning to cut the number of items taxed at the highest rate so that over 99% of items, with the exception of luxury goods, come under 18% or lower rates.

The GST on real estate will be reviewed in the next meeting, he added.

"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 BTVI report, Congress ruled states opposed pruning of 28% rate slab at the GST council meeting.

"Considering the volatility in the global crude oil prices, petroleum products should also be considered under the GST to rationalise the impact of indirect taxes by subsuming VAT (Value Added Tax) and excise duties in GST", the industry body said in a statement quoting Talwar.

"Of the 28, 13 items are from automobile parts and 1 is cement".

"The potential homebuyers feel they are not getting benefited under GST".

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