New Delhi: The 31st GST Council meeting on Saturday decided to move 33 items from the 18 percent tax slab to 12 percent and 5 percent while seven items were moved from 28 percent slab to 18 percent bracket.
Here is a list of what got cheaper for you:
1. Tax on wheelchair reduced from 28 percent to 5 percent
2. Tax on 32 inch sized monitors and TV screens reduced from 28 percent to 18 percent
3. Movie tickets upto Rs 100 which had a GST of 18 percent has been brought down to 12 percent
4. Movie tickets above Rs 100 was under GST of 28 percent and will now be 18 percent
5. Third party insurance reduced to 12 percent
6. Special flights meant for religious trips will also now be taxed at 5 percent for economy and 12 percent for business class. Earlier it was 28 percent.
7. GST on solar power generating plants will now be 5 percent.
8. The goods which are still under the 28 percent slab are mostly luxury and sin goods
9. The 28 percent slab has items including automobile parts and cement.
10. Air conditioners and dish washers were not removed from the 28 percent slab
11. Jan Dhan Yojana account holders and servives provided by banks for deposit account holders will be exempted from tax.
Three items were moved from 18 percent to 12 percent, one item was shifted from 18 percent to 5 percent along with other changes in tax rates as well.
The next meeting is scheduled to be in January where a new composition scheme will be framed for small service providers. Threshold for small services will be taken up in next month.
Taxation on lottery is also on the next meeting's agenda. As of now, 12 percent for state organised lotteries and 28 percent on state authorised lotteries is taxed.
The 32nd council meet will also decide on MSMEs' threshold limit.
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