In a new year gift to the common man, the government has notified reduction in GST rates on 23 goods and services, including movie tickets, TV and monitor screen.
Mahesh Babu has skipped the Service tax during 2007-08 for the taxable services he has offered as the brand ambassador, appearance money and advertising during this tenure.
Shooting a series of tweets, Chidambaram said: "Until yesterday a single standard rate of GST was a stupid idea. Since yesterday, it is the declared goal of the government!"
The Goods and Services Tax has had a "negative" effect on tourism in Jammu and Kashmir, a parliamentary panel has noted, adding the Centre should reconsider the indirect tax regime on tourism-related activities in the northern state.
Making it clear that only auto parts and cement are items of common use which remain in 28 per cent slab, Jaitley said the next priority will be to transfer cement into a lower slab.
Movie tickets, TV sets to get cheaper as GST Council cuts rate on 40 products
The Congress president also alleged that PM Modi broke the back of small and medium businessmen through “Gabbar Singh Tax”, a metaphor the Congress president has been using for GST.
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.
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