Reduction in GST Rates for 23 Items
At the 31st meeting of the GST council on 22 December 2018, respected union finance minister Arun Jaitley announced the reduction in rates of seventeen items including the six services.The cement which is a commonly used item including luxury and sin goods category products remained at 28%. According to the finance minister if there is a reduction in the rate of cement it will put a notable knock on revenue so, the council decided to hold off on the rate for cement.
Tax rates slashed from 28% to 18%: There are seven items in whole whose tax rates are slashed under this category and are mentioned below
- Various machinery fragments under the HS code 8483 which are used in agriculture including cranks, gearboxes, pulleys,and transmission shafts.
- 32 inches TV screens and monitors.
- Retreaded tyres have also got relief under this category. These tires are basically the old tyres of good structural quality and completely new treads and sidewall rubbers are attached.
- Power banks, and electronics items including Digital cameras have also seen the GST rates downfall. This is a relief to common man.
- Video game consoles of HS code 9504 are also slashed to 18% rates.
- Movie tickets above rupees 100. This is really a big relief to peoples.
Accessories, and dedicated parts of the carriages used for a disabled person have been given a reduction of GST rates from 28% to 5%. This is the great relief for disabled persons.
Tax rates slashed from 18% to 12%: Few of the items and services under this category includes
- Movie tickets pricing up to rupees 100.
- Insurance premium for goods carrying vehicles given by third parties.
- Articles made up of natural cork.
- Cork roughly squared
- Clustered cork.
Marble rubble has been given the slash in GST rate from 18% to 5%. Vegetables, frozen food packed in a container have got relief from 5% to nil. This is a very big relief for food items which are commonly used.Pilgrimage travel which is facilitated by the government and are non-scheduled/charter operations will have a lower rate of GST of about 5%.