GST Rates Highlights 2018: How you are impacted after Arun Jaitley cuts rates on 23 goods and services
GST Rates Highlights 2018: The GST Council in its meet today slashed tax rate on various goods in the 28 percent slab today. With this cut, now only 28 items are left in the highest bracket of 28 percent, Finance Minister Arun Jaitley said.
GST Rates Highlights 2018: The GST Council in its meet today slashed tax rate on various goods in the 28 percent slab today. With this cut, now only 28 items are left in the highest bracket of 28 percent, Finance Minister Arun Jaitley said. Air-conditioners, dishwashers, 13 automobile parts and 8 items of cement industry will remain in the top slot of 28 percent. When GST was introduced on July 1, 2017, there were 226 goods in the 28 percent slab. This is how you will be impacted, check GST rates cut highlights:
1. Movie goers have something to cheer about, as GST on movie tickets costing up to Rs 100 has been cut to 12 percent from 18 percent, while tickets over Rs 100 to attract 18 percent GST, against 28 percent earlier.
2. Video games, small sport related items, accessories for carriages for the disabled, and power banks of Lithium ion batteries removed from 28 percent slab.
3. GST rate on flights for pilgrims also brought down. Now the rate for economy class is fixed at 5 percent, while business class at 12 percent.
4. Savings bank, and Jan Dhan Yojana have been exempted from GST.
5. New GST return filing system to come into effect from July 1, 2019
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