Movie tickets, TVs to be cheaper; all items used by common man removed from 28% GST slab | Key points
India | December 22, 2018 17:38 ISTThe new GST rates will be effective from 1st January 2019
The new GST rates will be effective from 1st January 2019
FM Arun Jaitley: Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%.
Prime Minister Narendra Modi had recently announced that 99 per cent of items in the GST regime will be brought under the 18 per cent or lower tax slabs.
“On December 20, the same order of authorisation was repeated that was existing since 2009,” Jaitley told the Upper House.
An hour-long meeting between top BJP leaders, including its president Amit Shah and Finance Minister Arun Jaitley, and LJP chief Ram Vilas Paswan and his son Chirag remained inconclusive, sources indicated.
Taking a jibe at Congress president, Jaitley said luxury and sin items can’t be taxed at the same rate as the common man’s item.
"Today we have asked for the parliamentary sanction for (issuing) additional recapitalisation bonds of Rs 41,000 crore... As of today, of the Rs 65,000 crore recapitalisation plan for 2018-19, Rs 42,000 crore is still remaining.
The finance minister’s remark was in apparent reference to the Congress-led opposition which has been pressurising the government for waiving loans of farmers.
Jaitley asserted that the government does not want any money from the bank’s reserves to fix its fiscal deficit and claimed that the Reserve Bank of India (RBI)’s economic capital was never the main issue between the government and the RBI.
Speaking at Agenda Aaj Tak, he said that the government does not need a single penny from RBI's capital reserves during the current fiscal.
"Rahul Gandhi who tweets all the time, doesn't even welcome the court's decision. No Congress leader spoke on verdict. It proves that they don't have any regret on the matter," he said.
The finance minister told the Bharatiya Janata Yuva Morcha workers that the youth wing of the BJP should ensure the party again forms the government at the Centre under the "dynamic and able leadership" of the prime minister.
Jaitley said it was a challenging year, with world's largest economy not playing a stabilising factor, policies of some countries resulting in a trade war with no resolution in sight and the direct adverse impact of high oil prices on currency and trade deficit.
Jaitley’s statement came after the apex court dismissed all the pleas challenging the deal between India and France for procurement of 36 Rafale jets.
However, he questioned how a mere discussion on RBI's functioning could be considered "destruction" of an institution.
"The results are not on the expected lines... The results are certainly an opportunity for BJP leadership and cadres to pause and analyse", he said.
"We are not going to recall our any order. You deposit Rs 50,000 then only we will hear your any old or new petition," the bench which also comprised Justices S K Kaul and K M Joseph said.
Presently, the government and employees contribute 10 per cent of basic salary each to NPS.
The move is aimed at boosting exports of agriculture commodities such as tea, coffee and rice and increase the country's share in global agri-trade, Commerce Minister Suresh Prabhu said.
Jaitley said the opposition went overboard on the issue of CBI versus CBI and it did have a lack of understanding of the issue.
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