Economy

GST cut on 23 items: TVs, movie tickets get cheaper

GST cut on 23 items: TVs, movie tickets get cheaper

Among the items consumed by the common man, only cement continues to remain, along with luxury and "sin" goods, in the 28 per cent bracket as the Goods and Services Tax (GST) Council brought down the rates of all other categories of goods in a further rationalisation of rates that left only 28 items in the highest tax slab.

- Jaitley said that the 31st GST Council meeting has approved proposal to form a 7-Member Group of Ministers to study the revenue trend, including analysing the reasons for structural patterns affecting the revenue collection in some of the states.

GST on movie tickets costing up to Rs 100 was cut to 12 per cent, from 18 per cent, tickets over Rs 100 will attract 18 per cent GST, against 28 per cent earlier. "Accessories for carriages for specially abled persons have been brought down to 5%".

Jaitley continued by saying, "The GST on movie tickets costing up to Rs 100 has been cut to 12 percent from 18 percent; tickets over Rs 100 will now attract 18 percent GST, against 28 percent earlier".

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With regard to composition scheme for small suppliers, Jaitley said the response of small service providers getting registered under GST has not been on expected lines. After adjusting for credits on inputs used, the effective pre-GST tax incidence on such housing property was 15-18 percent.

"This will help the industry move forward positively with increased investments in both exhibition infrastructure and creative development, enabling even better cinema and greater screen density across the country". As many as 16 items were moved from the 18% tax brackets to 12% and 5% brackets. "Procedural simplifications by the GST Council are significant and will ensure that rulings will be uniform across states, thus reducing litigation", CII Director General Chandrajit Banerjee said.

- Finance minister Arun Jaitley said that today's GST rate reduction will have an overall impact on revenue of Rs 5500 crore.

"The statement of the Prime Minister made just before the GST Council meeting undermines the constitutional authority of the GST Council as it pre-empts the decision-making authority of the council", Mitra had alleged. The Finance Ministry has time and again asked real estate dealers to pass on GST rate cut benefits to buyers, but to no avail.

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He also said that the tax on other sinful items such as cement, air-conditioners, large screen televisions and a handful of others could also be reduced as revenues rise.

"Till date, GST Council has taken 918 decisions related to GST laws, rules, rates, compensation, taxation threshold etc".

"The reduction in GST rates announced would certainly bring economic benefits inter-alia political interpretations".

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