GST Council Meet At the GST Council meeting in Vigyan Bhawan, Delhi, it was decided to reduce the GST slab of 6 items from 28 per cent to 18 per cent. Union Finance Minister Arun Jaitley said that after this decision, only 28 things are left in 28 percent GST slab.
The meeting of Goods and Services Tax (GST) Council was held on Saturday, in which the decision to reduce the slab rate was taken. Six things were excluded from the 28 percent slab of GST. GST slabs were reduced from 28% to 18% on these items. GST has been reduced to 12% on cinema tickets up to Rs 100, whereas on GST from Rs 100 to Rs 100, the GST has been reduced from 28% to 18%. The new system of filing GST returns will be applicable from January 1, 2019.
These changes were made in the tax slab(GST council meet)
- No cuts have been made in GST rates on cement and auto parts.
- TVs, tires, mobile batteries, video games have been brought from 28% tax slabs to 18% tax slabs.
- The first 18% tax was charged on pilgrim flights to the plane. But, now it will be 5% for the economy like ordinary tax and 12% for the business class.
- Cinema tickets up to 100 rupees were brought in 18% from GST to 12%. Stamps above 100 have been reduced from 28% to 18%.
- The services given to the public-funded account holders on behalf of banks have been excluded from the GST scope.
- The AC will be 28% GST on the dishwasher.
- GST has been reduced from 18% to 12% on third party insurance premium.
- The decision on GST in the real estate sector will be taken at the next council meeting. Everyone believes that there should be some change in this area.
In one and a half years, 198 items out of 28% tax slabs
If GST was implemented from July 1, 2017, then 286 tax slabs had 226 items. In one and a half years, tax on 198 items of these items has been reduced. Now 28% GST slab has 28 items. These include items such as vehicles, automobile parts, yachts, aircraft, cold drinks, tobacco, cigarettes and pan masala except cement.
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