Economy

GST Council: Full List Of Rate Cuts

GST Council: Full List Of Rate Cuts”

Cement, which brings the government Rs 13,000 crore, in revenue, has been left at the peak rate. Parts of carriages for disabled people, which were earlier taxed at 28%, were reduced to 5%. "The reduction has brought relief to vehicle owners at a time when the cost of insurance recently went up due to mandatory long term Third Party cover", Mondal said.

V Narayanasamy, Puducherry Chief Minister, said, " 33 items have come down from 18 per cent to 12 per cent and 5 per cent as they are common man's consumption goods. Meanwhile, GST rate on cement and auto parts has not been changed.

The meeting, chaired by Jaitley, was attended by representatives of council including Tamil Nadu fisheries minister D Jayakumar, Delhi finance minister Manish Sisodia, West Bengal finance minister Amit Mitra, Karnataka rural development and panchayat raj minister Krishna Byre Gowda, Kerala finance minister TM Thomas Isaac, Haryana finance minister Captain Abhimanyu and Punjab finance ministers Manpreet Singh Badal.

Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) shall be exempted.

Six items have been taken out from the highest GST bracket of 28 percent, thereby leaving only 28 items in the slab.

Of the 23 goods and services on which rates have been slashed, tax rate on seven items in the 28 per cent slab has been brought down. "GST council and all the representatives of the country and the state will decide in the interest of the country rising above politics", he added.

GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets up to Rs 100 from 18% to 12%.

Divyesh Lapsiwala, Tax Partner, EY said this GST rate cut should reduce the premium and possibly increase penetration given that some of the goods carriers may not be registered, and therefore GST would be a cost to them.

The GST council, headed by India's Finance Minister Arun Jaitley, agreed to lower the tax on some goods including televisions, batteries and movie tickets. The rationalization of tax rates has opened up the possibility of converging the 12% and 18% slabs to make GST simpler.

Creation of a centralised Appellate Authority for Advance Ruling (AAAR) to deal with cases of conflicting decisions by two or more state appellate advance ruling authorities on the same issue has been approved.

The rate cuts now are an overhang on the GST revenues which are still short of budgeted target of over 12 lakh crore for 2018-19. The decisions of the GST Council have been presented in this note for easy understanding.

The council also made a decision to form a seven-member group of ministers (GoM) to study the revenue trend, including analyzing the reasons for structural patterns affecting revenue collection in some states. The government will also start New return filing system on trial from April 1.



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