Published On: Sat, Dec 22nd, 2018

Government cuts GST rates on 23 items as TV screens, movie tickets to cost less

New Delhi: Finance Minister Arun Jaitley on Saturday said that six items have been removed from the 28 per cent tax bracket under the Goods and Services Tax (GST) regime.

Only 28 items now remain in the 28 per cent GST tax bracket

The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.

In a relief to the common man, the GST Council on Saturday cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks.

There were 34 items in the 28 per cent tax bracket which included luxury and ‘sin goods’ till now. However, the GST Council in its meeting on Saturday decided to take out 6 items from this list.

Only 28 items now remain in the 28 per cent GST tax bracket.

Briefing reporters after the 31st GST Council meeting here, Jaitley said rate rationalisation is an ongoing process.

“28 per cent bracket is gradually moving to sunset… The next target will be rate rationalisation in cement as and when affordability improves,” said the finance minister.

GST on movie tickets costing up to Rs 100 was cut to 12 per cent from 18 per cent, while tickets over Rs 100 will attract 18 per cent tax, against 28 per cent earlier. This will have a revenue implication of Rs 900 crore.

Monitors and TV screens up to 32-inches and power banks will attract 18 per cent GST, as against 28 per cent earlier.

He said that the new tax rates will come into effect from January 1, 2019.

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