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GST Council Cuts Rates On 32-Inch TVs, Video Games, Movie Tickets

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GST Council Cuts Rates On 32-Inch TVs, Video Games, Movie Tickets
31st GST Council Meet Underway. (Source: BloombergQuint)
8 years ago
Goods and Services Tax Council's 31st meeting headed by Finance Minister Arun Jaitley is underway in Delhi.
Dec 22, 2018 16:05 (IST)
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Dec 22, 2018 15:56 (IST)
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  • No discussion on GST rate on cement, automobiles, air conditioner, dishwashers, molasses.
  • GST council discussed lowering of GST on 7 items.
  • Fitment committee recommended reduction of GST on 22 items, of which 7 are taxed at 28 percent.
  • Rates have been reduced on 22 items, of which 7 are from the 28 percent slab.
  • A group of seven Ministers will be constituted to look into revenue loss to states, structural problems of GST.

    • Source: West Bengal Finance Minister Amit Mitra

Dec 22, 2018 15:49 (IST)
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  • GST rate on cement and auto parts left unchanged.
  • Cement and auto parts contribute Rs 24,000 crore in revenue.
  • Quarter of total revenue comes from 28 percent bracket.
  • Not practical to abolish 28 percent bracket altogether.
  • Total revenue loss from changes will be around Rs 6,000 crore.
  • Proposal on real estate sector was postponed

    • Source: Kerala Finance Minister Thomas Isaac

Dec 22, 2018 15:39 (IST)
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  • About 22 items have been removed from 28 percent.
  • About Rs 5,000 crore will be the financial implication annually.
  • Rates on vehicle parts, TV, cement reduced from 28 percent slab.

    • Source: Uttarakhand Finance Minister Prakash Pant

Dec 22, 2018 15:12 (IST)
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  • Rate on lithium ion battery, VCR and tyres reduced to 18 percent from 28 percent.

    • Source: Tamil Nadu Finance Minister Jayakumar

Dec 22, 2018 14:35 (IST)
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  • GST rate on 33 items has been revised lower
  • Only 34 items will be taxed at 18 percent or more
  • GST Council has agreed that all items except luxury goods should be taxed under 28 percent

    • Source: Puducherry Chief Minister V Narayanasamy

Dec 22, 2018 12:06 (IST)
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GST Council May Cut Tax Rate On Air Conditioners, Digital Cameras

Dec 22, 2018 12:04 (IST)
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Dec 22, 2018 12:10 (IST)
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Working To Bring 99% Things In Sub-18% GST Slab, Says PM Modi 

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