GST council distinct from reducing the tax rates on 23 goods and services to 18 percent from 28 percent slab as a Christmas bonanza to the common man, seven items from this slab has been brought down and government further looking to lower GST in coming months on construction material such as cement ,paints, etc.. keeping in mind that elections are around the corner.. with this rate cuts only 28 goods are left in the 28% top Slab, this rate cuts including Movie tickets, TV, monitor screens, power banks, and preserved vegetables from the levy.
GST on movie tickets costing up to 100rs cut to 12percent, from 18 percent .. tickets over 100rs will attract 18 percent ,as against 28percent earlier the 28% top slab now restricted to only luxury and sin goods apart from auto parts and cement the tax on which could not be cut down due to high revenue implication, adding GST reducing on cement would have cost an annual 13,000cr to the exchequer
And there was political messaging that was clearly visible the rate cuts ,taxes on parts and accessories for the carriages for disabled persons and also walking sticks were cut down from 12 percent to 5 percent, considering senior citizens are important vote bank and taxes on televisions were reduced only for the screens up to 32 inches to attract the common man it seems.
The annual revenue implication will be 5,500 cr. after the 31st meeting of goods and services tax (GST)council This cut down rates are effective from January 1, 2019, as per the reports.
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