GST cut on 17 items, 6 services

The Goods and Services Tax Council cut rates on 17 items and six types of services during its 31st meeting on Saturday, leaving only one common use item — cement — in the 28% bracket.Cutting rates on cement would have a significant impact on revenues and so the Council decided to hold off on it, Finance Minister Arun Jaitley said.Seven items that saw tax rates being slashed from the 28% bracket are certain vehicle parts used in agriculture, monitors and TVs up to 32 inches, retreaded tyres, power banks, digital cameras, videogame consoles (all from 28% to 18%), and parts and accessories for the carriages for disabled persons (from 28% to 5%).The GST rate on cinema tickets above Rs. 100 was cut from 28% to 18% and on tickets up to Rs. 100 from 18% to 12%.“There was an extensive discussion about revenues and whether the growth has been enough or not, and how to reconcile this with the need to cut some rates,” Mr. Jaitley said at a press conference, following the meeting.

Source : https://www.thehindu.com/todays-paper/gst-cut-on-17-items-6-services/article25810655.ecem

 

 

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