GST Council cuts rates on 23 items, rationalises 28 pc slab

[Kool_SRG]

 

In a relief to the common man, the GST Council Saturday cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks.

The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.

The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab.

Briefing reporters after the 31st GST Council meeting here, Jaitley said rate rationalisation is an ongoing process.

"28 per cent bracket is gradually moving to sunset... The next target will be rate rationalisation in cement as and when affordability improves," he said.

Now, the 28 per cent slab is restricted to only luxury and sin goods, apart from auto parts and cement -- tax rates on which could not be cut due to the high revenue implication.

GST on movie tickets costing up to Rs 100 was cut to 12 per cent from 18 per cent, while tickets over Rs 100 will attract 18 per cent tax, against 28 per cent earlier. This will have a revenue implication of Rs 900 crore.

Monitors and TV screens up to 32-inches and power banks will attract 18 per cent GST, as against 28 per cent earlier.

The new tax rates will come into effect from January 1, 2019.

[Sreeven]

Election strategy..election aina taruvatha malli penchutaru..petrol kuda anduke penchadam ledu peddaga.

[Kool_SRG]

The GST Council today brought down prices of goods such as TV sets, cinema tickets and video games from the top 28 percent rate. Here's what all changes. 

GST rate reduction on goods which were attracting GST rate of 28%: 
28% to 18%
* Pulleys, transmission shafts and cranks, gear boxes 
* Monitors and TVs of up to screen size of 32 inches 
* Re-treaded or used pneumatic tyres of rubber; 
* Power banks of lithium ion batteries. Lithium batteries are already at 18%. This will bring parity in GST rate of power bank and 
* lithium ion battery. 
* Digital cameras and video camera recorders 
* Video game consoles and other games and sports requisites falling under HS code 9504. 
 

28% to 5%
Parts and accessories for the carriages for disabled persons 

GST rate reduction on other goods 
18% to 12%
* Cork roughly squared or debagged 
* Articles of natural cork 
* Agglomerated cork 

18% to 5%
Marble rubble 

12% to 5% 
* Natural cork 
* Walking Stick 
* Fly ash Blocks 
12% to Nil: 
Music Books 

5% to Nil 
* Vegetables, (uncooked or cooked by steaming or boiling in water), frozen, branded and put in a unit container 
* Vegetable provisionally preserved (for example by sulphur dioxide gas, in brine, in sulphur water or in other preservative solutions), but unsuitable in that state for immediate consumption. 
 

 

 

 

[Kool_SRG]

GST on solar power generating plant and other renewable energy plants 
GST rate of 5% rate has been prescribed on renewable energy devices & parts for their manufacture (bio gas plant/solar power based devices, solar power generating system (SGPS) etc) [falling under chapter 84, 85 or 94 of the Tariff]. Other goods or services used in these plants attract applicable GST.  

Certain disputes have arisen regarding GST rates where specified goods attracting 5% GST are supplied along with services of construction etc and other goods for solar power plant. 
To resolve the dispute the Council has recommended that in all such cases, the 70% of the gross value shall be deemed as the value of supply of said goods attracting 5% rate and the remaining portion (30%) of the aggregate value of such EPC contract shall be deemed as the value of supply of taxable service attracting standard GST rate. 
 

Reduction in GST rates/exemptions on services: 
* GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets upto Rs. 100 from 18% to 12%. 
* GST rate on third party insurance premium of goods carrying vehicles shall be reduced from 18% to 12% 

Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) shall be exempted. 
* Air travel of pilgrims by non-scheduled/charter operations, for religious pilgrimage facilitated by the Government of India under bilateral arrangements shall attract the same rate of GST as applicable to similar flights in Economy class (i.e. 5% with ITC of input services). 
 

 

 

[Kool_SRG]

3 minutes ago, Sreeven said:

Election strategy..election aina taruvatha malli penchutaru..petrol kuda anduke penchadam ledu peddaga.

Petrol/Diesel fluctuate as per international prices govt has not much role in it other than Excise duty cut, which they did a bit in between by around 2.5 to 3 rupees.

[Smallpappu]

33 minutes ago, Sreeven said:

Election strategy..election aina taruvatha malli penchutaru..petrol kuda anduke penchadam ledu peddaga.

Crude oil rates tagite kuda petrol rates penchite g lo tantaru janalu

[Kool_SRG]

2 minutes ago, Smallpappu said:

Crude oil rates tagite kuda petrol rates penchite g lo tantaru janalu

Jaanalu peekedemi ledu, already ayyindiga ala... Crude tagginappudu Oil companies reduced it but govt increased excise duty by same amount so end consumer didn't get benefit...

[Sreeven]

51 minutes ago, Smallpappu said:

Crude oil rates tagite kuda petrol rates penchite g lo tantaru janalu

Worldwide crude oil taggina India lo taggale.tax lu dengutaru

[Sreeven]

1 hour ago, Kool_SRG said:

Petrol/Diesel fluctuate as per international prices govt has not much role in it other than Excise duty cut, which they did a bit in between by around 2.5 to 3 rupees.

Avi anni just for books. Janalaki entha ki istunnaru final ga anedi imp. I'm not targeting bjp o congress..both does same strategy.

[soodhilodaaram]

2 hours ago, Kool_SRG said:

 

In a relief to the common man, the GST Council Saturday cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks.

The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.

The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab.

Briefing reporters after the 31st GST Council meeting here, Jaitley said rate rationalisation is an ongoing process.

"28 per cent bracket is gradually moving to sunset... The next target will be rate rationalisation in cement as and when affordability improves," he said.

Now, the 28 per cent slab is restricted to only luxury and sin goods, apart from auto parts and cement -- tax rates on which could not be cut due to the high revenue implication.

GST on movie tickets costing up to Rs 100 was cut to 12 per cent from 18 per cent, while tickets over Rs 100 will attract 18 per cent tax, against 28 per cent earlier. This will have a revenue implication of Rs 900 crore.

Monitors and TV screens up to 32-inches and power banks will attract 18 per cent GST, as against 28 per cent earlier.

The new tax rates will come into effect from January 1, 2019.

eni chesina freebies ki alavataina vedavalu keep expecting everything for free.. indian society needs a deep economic crisis to teach them a good lesson on societal responsibility towards good economics