Today on 22/12/2018, 31st council meeting was conducted. Arun Jaitley, Finance Minister of India briefed about key points of meeting. The major highlight of meeting was rate cuts of various items.
Only 28 items are left in 28% slab now. Luxury and Sin items are taxed under 28%, however Cement and auto parts will continued to be taxed at 28%.
Natural Cork, Cork roughly squared or de-bagged will be taxed at 12% now.
Marble rubber will be taxed at 5%.
Movie tickets will get cheaper as tickets costing up to 100 will be taxed at 12% instead of 18%. Movie ticket more than Rs. 100 will be taxed at 18% instead of 28%.
Monitors and TV with screens up to 32 inches will be taxed at 18% instead of 28%.
Power banks will also attract 18% GST instead of 28%.
Finance minister further said that government is working to remove all items from 28%. Cement and other items will be moved after considering the revenue impact.
The current changes in tax rate will have an impact of 5500 crores on tax revenue.
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