New Year gift from government, GST slashes on six items

New Delhi. The Goods and Services Tax slab on six luxury items are slashed from 28 percent to 18 percent in a latest decision taken by the Indian government. Union Finance Minister Arun Jaitley announced that the six items include pulleys, transmission shafts, cranks and gear boxes, monitors and TV of 32 inch screen, rubber tyres,digital cameras, video games and power banks of lithium batteries. The parts and the accessories for the carriages for disabled persons have also been reduced from 28 percent to 5 percent. After the GST council meet, Jaitely said that there would be no GST reduction on luxury or sin items. He further added that the new tax rates would be applicable from 1st January; 2019.he said that the new tax would impact Rs 55,000 crore revenue of the Government. Mr Jaitely also said, “The next item of common man is cement which currently fall under the 28 percent tax slab. They would try to slash it down in the next meeting of GST.” Reportedly, the government has also extended the date of filing annual return from March 31, 2019 to June 30, 2019.