GST Council Meeting: The new GST rates will come into effect from January 1, 2019.The Goods and Services Tax (GST) Council, headed by Finance Minister Arun Jaitley, on Saturday cut rates on 23 commonly used items such as TV screens, movie tickets and power banks.
The council rationalised the 28 per cent slab by shifting seven items to lower tax rates, thereby leaving only 28 items in the slab.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.
(32-inch TVs, movie tickets get cheaper; 7 items moved from 28% GST rate)ITEM (GOODS)Existing rateNew ratePulleys, transmission shafts and cranks, gear boxes etc., falling under HS Code 84832818Monitors and TVs up to 32 inches2818Re-treaded or used pneumatic tyres of rubber;2818Power banks of lithium ion batteries.
Lithium ion batteries are already at 18%.
This will bring parity in GST rate of power bank and lithium ion battery.2818Digital cameras and video camera recorders2818Video game consoles and other games and sports requisites falling under HS code 9504.2818Parts and accessories for the carriages for disabled persons285Cork roughly squared or debagged1812Articles of natural cork1812Agglomerated cork1812Marble rubble185Natural cork125Walking Stick125Fly ash Blocks125Music books120Vegetables frozen, branded and put in a unit container50Vegetable provisionally preserved but unsuitable in that state for immediate consumption50SERVICESCinema tickets above Rs.
1002818Cinema tickets up to Rs 1001812Third party insurance premium of goods carrying vehicles1812The new GST rates will come into effect from January 1, 2019, the government said.(With agency inputs)