The GST council on Saturday slashed tax rate on 40 products, bringing 33 products either into 12 per cent or five per cent slab and the reamining seven products into 18 percent tax bracket (from 28 per cent slab).Talking to media persons, Finance Minister Arun Jaitley said that six items have been removed from the 28 per cent tax bracket under the GST regime. According to Jaitley, the fresh GST rate reduction will have an overall impact of Rs 5,500 crore on govt's revenue. The new GST rates will be effective from 1st January 2019, Jaitley added. 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.
Here is the list of items that will get cheaper:
Items moved to 18% slab from 28% slab -
Pulleys, transmission shafts and cranks, gear boxes
Monitors and TVs upto screen size of 32 inches
Re-treaded or used pneumatic tyres of rubber
Cinema tickets above Rs 100
Power banks of lithium ion batteries
Digital cameras and video camera recorders
Items moved to 5% slab from 28% slab -
Parts and accessories for the carriages for disabled persons
Items moved to 18% slab from 12% slab -
Cork roughly squared or debagged
Articles of natural cork
Agglomerated cork
Cinema tickets up to Rs. 100
Third party insurance premium of goods carrying vehicles
Items moved to 18% slab from 5% slab -
Marble rubble
Items moved to 12% slab from 5% slab -
Fly ash Blocks
Walking Stick
Natural cork
Items moved to 0% slab from 12% slab -
Music books
Items moved to 0% slab from 5% slab -
Vegetables frozen, branded and put in a unit container
Vegetable provisionally preserved but unsuitable in that state for immediate consumption
Watch: Arun Jaitley speak on gst rate cut
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