The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.
Chattisgarh and Rajasthan, where the Congress came to power earlier this month, sent only officers to attend the GST Council meeting, Madhya Pradesh did not send any representative, PTI reported quoting sources.
The study would include the underlying reasons for deviation from revenue collection targets vis-a-vis original assumptions discussed during the design of the GST system, its implementation and related structural issues, he said.
Traders' body Confederation of All India Traders (CAIT) also welcomed the reduction in GST tax rates on various items and said it is a progressive step in rationalising and simplifying the tax structure.
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.
Aamir Khan, Akshay Kumar and Karan Johar who earlier met PM Narendra Modi lauded the government's decision to cut GST on movie tickets.
A delegation of film industry including Karan Johar, Akshay Kumar, Sidharth Roy Kapoor among others met PM Narendra Modi to discuss the matter.
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.
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.
Sarma, a former Congress leader and now a BJP spearhead in the North East region, mocked Gandhi over his recent claims, saying he will also seek credit for the sunlight that follows rains.
Congress president’s remarks came two days after PM Modi at an event in Mumbai said that the government was aiming to bring 99 per cent of items at or below 18 per cent GST slab.
Tax on commonly used household items like TVs, refrigerators, washing machine and electrical appliances has been slashed to 18 per cent post GST rollout from over 31 per cent earlier, an analysis shows.
PM Modi also highlighted in detail India's achievements in the past nearly five years and said the nation has taken the first steps towards joining the $5 trillion economy club.
Concrete blocks of recycled C&D waste possess adequate strength hence can be used as an alternative to bricks, CPWD Director General Prabhakar Singh said.
GST which subsumed 17 local taxes, including excise duty and service tax, was introduced on July 1, 2017.
The annual returns form in which businesses registered under the GST have to provide consolidated details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal was notified in September.
The Union minister further said 2.24 lakh fake companies were caught after demonetisation was announced.
But the minister was silent on Rajan's criticism of the note-ban, which has disrupted everyone's life in general and that of small traders and small businesses in particular.
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