GST rates reduced for 23 goods and services, including movie tickets, TV
Dec 24, 2018, 02:45
The GST Council in its 31st meeting on Saturday reduced the tax rates of 17 items and six services, including computer monitors, TV screens, video games, lithium-ion power banks, retreaded tyres, wheelchairs and cinema tickets.
"There are 28 items left in the 28% bracket if we include luxury & sin items", he said, adding that there is no cut on cement and auto parts, which fall under this bracket. Services supplied by banks to Basic Savings Bank Deposit account holders under the Jan Dhan Yojana will not attract GST.
The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said. GST rate on third party insurance premium of goods carrying vehicles will be reduced from 18 per cent to 12 per cent. The Government of India has taken various measures to check GST evasion including Intelligence based enforcement; E-Way bill squads; Systematic Analysis of Data and Setting-up of Directorate General (Analytics & Risk Management) among others. The decisions of the GST Council have been presented in this note for easy understanding.
GST Council in its next meeting in January would consider rationalisation of tax rates on residential properties and raising the threshold exemption limit for MSMEs from the current Rs 20 lakh. Air conditioners, dishwashers are also in this segment, so also 13 items of automobile parts, 8 items of the cement industry.
The 31st GST Council meeting also approved a proposal to form a 7-Member Group of Ministers (GoM) to study the revenue trend, including analysing the reasons for structural patterns affecting the revenue collection in some of the states. "After the meeting, Puducherry Chief Minister V Narayanasamy said that "(Many) items have come down from 18% to 12% and 5% as they are common man's consumption goods".
During his press briefing after the GST Council meet, FM Jaitley said, "New GST return filing system will come into effect from July 1, 2019".
The Council also made a decision to form a seven-member Group of Ministers (GoM) to study anomalies in tax collection in some of the states which showed wide deviation from what was expected in terms of shortfall.
The neutrality if the council in the decision making thus stands severely eroded and will be highly detrimental to the future functioning of the GST Council, he had said. The Finance Ministry has time and again asked real estate dealers to pass on GST rate cut benefits to buyers, but to no avail. "Except for 34 items, all other will come down to 18% and below", said Narayanswamy.
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