Govt's New Year Gift, reduced GST on 23 items to be implemented from today
GST Council on December 22 had decided to cut tax rates on 23 goods and services-
New Delhi: In a New Year gift to the common man, the government has notified reduction in GST rates on 23 goods and services, including movie tickets, TV and monitor screen to be implemented from Tuesday.
The GST Council on December 22 had decided to cut tax rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks and exempted frozen and preserved vegetables from the levy. The Council had rationalised the 28 per cent slab and restricted the highest slab to luxury, demerit, and sin goods, besides cement, large screen TV, Air Conditioners and dishwashers.
The GST Council has also decided to slash tax rate on parts and accessories for the carriages for disabled persons from 28 per cent to 5 per cent. Also third party insurance premium of goods carrying vehicles has been reduced from 18 per cent to 12 percent. The other items which will attract lower GST rate of 5 per cent include marble rubble, natural cork, walking stick, and fly ash blocks.
Music, books and vegetables (uncooked or cooked by steaming or boiling in water), frozen, branded and put in an unit container and vegetables provisionally preserved but unsuitable in that state for immediate consumption have been exempted from GST. Services supplied by banks to basic savings bank deposit account holders under the Jan Dhan Yojana will not attract the GST.
GST on movie tickets costing up to Rs 100 has been cut to 12 per cent, from 18 per cent. Also tickets over Rs 100 will attract 18 per cent GST, against 28 per cent earlier. Monitors and TV screens up to 32 inches and power banks will attract 18 per cent GST, as against 28 per cent earlier.