These items will become cheaper after GST rate cut
December 24, 2018
The GST Council has decided to cut down the rate of tax applied on 23 commonly used goods and services. The Goods and Services Tax rate at present on these items is 28% and will now be reduced to 18%.
This will reduce the price of these goods and services making them cheaper. Some of the items that will now cost less are video game consoles, digital cameras, video camera recorders, power banks, monitors and TV screens up to 32-inches.
GST on wheelchair parts will now attract 5% GST from 28%.
Services supplied by banks to Basic Saving Bank Deposit -BSBD holders under the Pradhan Mantri Jan Dhan Yojana -PMJDY, has also been exempted from GST.
As per reports, only 28 items are now left in the highest 28% GST slab and most of these are certain luxury goods, apart from auto parts and cement.
GST for movie tickets that cost up to 100 has been reduced to 12% from 18%. Tickets over 100 will now have a GST of 18% instead of 28%. Members of the film industry have welcomed the GST reduction on tickets.
Anupam KherVerified account @AnupamPKher tweeted, "Superb news for #IndianFilmIndustry. Cinema tickets upto Rs. 100 which were under 18% GST slab is brought down to 12% slab. Tickets above Rs. 100 were under the 28% slab. These tickets will now be under 18% slab. Thank you PM @narendramodi & officials for this great decision."
Akshay KumarVerified account @akshaykumar wrote, "Quick action and how! Within a few days of our meeting with hon. Prime Minister @narendramodi ji, the Government addressed our concern...GST for movie tickets to be reduced. A welcome move for the industry and audiences as well."
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