In the New year gift to the common man, 23 items will get cheaper form today as reduced GST rates come into effect. The government has notified reduction in GST rates on 23 goods and services.
The consumers will pay less for these items of common consumption as the incidence of Goods and Service Tax on them will come down from Tuesday.
The GST Council on Dec 22 decided to cut tax rates on 23 goods and services including movie tickets, TV and monitor screens and power banks and exempted frozen and preserved vegetable from the levy.
The Council had rationalized the 28% slab and restricted the the 28 % slab and restricted the highest slab to luxury, demerit and sin goods, besides cement, large screen TV, Air Conditioner and dishwashers.
Revised GST Rate to kick in from today: list of Goods and Services
New items in 18 per cent tax slab
- Transmission shafts and cranks
- Gear boxes
- Retreaded or used tyres
- Power banks of lithium ion batteries, digital cameras, video camera recorders and video game consoles
- Movie tickets over Rs 100
- TV screens
Items exempted form GST
- Music books
- Vegetables (uncooked or cooked by steaming or boiling in water), frozen, branded and put in an unit container and vegetables provisionally preserved but unsuitable in that state for immediate consumption
- Services supplied by banks to basic savings bank deposit account holders under the Jan Dhan Yojana will not attract the GST.
New items in 5 per cent
- Parts and accessories for the carriages for disabled persons
- Marble rubble
- Natural cork
- Walking stick
- Fly ash blocks
- Air travel of pilgrims by non-scheduled/charter operations being facilitated by the government under bilateral arrangements will attract a lower GST rate of 5 per cent.
New items in 12 per cent
- Movie tickets costing up to Rs 100
- Third party insurance premium of goods carrying vehicles
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