Get Here the Insight of GST Rate Cut List of 23 goods & Services

Get Here the Insight of GST Rate Cut List of 23 goods & Services

One among the joyful Fest, Christmas is around the corner and to make it more joyous, the Indian government is taking its Santa duties seriously. Yes, you hear it right. This Saturday, GST rates have been cut on around 23 goods & service and the government has gifted relief to the common man.

Subsuming power banks, monitor and TV screens, movie tickets, preserved vegetables, numerous other items have been included in this Christmas bonanza. Following the announcement by Arun Jaitley, this GST cut will be applicable from the very first day of the new year 2019, possibly.

GST Rate Cut

Out of 35 items that fall under 28% (highest) tax bracket, seven items have been relieved with a reduction in tax rates.

Out of these seven, on six items tax has been slashed from 28% to 18%, including,

  • TVs and monitor screens up to 32-inch screen
  • Video cameras and digital cameras
  • Power banks having batteries of lithium ion. This rate cut will bring GST rate parity in lithium-ion batteries and power banks, as lithium-ion batteries already fetch the tax rate of 18%.
  • Transmission shafts & cranks, pulleys, and all items covered in HS code 8483
  • Sports requisites and games including video game consoles covered in HS code 9504
  • Used pneumatic or retreated rubber tyres
    And, on the one-time tax rate has been dropped down from 28% to 5% is,
    Carriage accessories and parts, for disables persons
  • Tax reduction on other goods categories:
    From 18% to 12%
  • Agglomerated cork
  • Natural cork articles
  • Debagged or roughly squared cork
    From 18% to 5%
  • Marble rubber
    From 12% to 5%
  • Fly ash blocks
  • Walking stick
  • Natural Cork
    From 12% to Nil
  • Music books
    From 5% to Nil
  • Vegetables, those are preserved provisionally, but not suitable for immediate consumption, like, by sulfur dioxide gas in sulfur water, brine and other preservative solutions.
  • All vegetables put in a unit container, including cooked, either boiled or steamed, branded and frozen.

Besides, goods, a litany of 23 items include services too, on which GST rates have been cut down, lay your attention here:

  • On cinema tickets, fetching the price of above Rs. 100, the rate have been sheared from 28% to 18% and those fetching price of Rs. 100 or less, the tax cut is from 18% to 12%.
  • On goods carrying vehicles, the third party insurance premium has been whittled out from 18% to 12%.
  • Under PMJDY (Pradhan Mantri Jan Dhan Yojna), services by banks to account holders of BSBD (Basic Saving Bank Deposit) has been exempted.
  • Many other services have been exempted, which were earlier charged to tax rates.
    Alongside these exemptions, there are numerous other exemptions have been granted by the government. Some of these have been mentioned under the head miscellaneous.

Miscellaneous

  • GST has been exempted on gold supply from nominated agencies to an article of gold jewelry exporters.
    Any earnings from gifts’ auction, that are received by the Prime Minister, Chief Minister, Governor, President,
  • Public Servants, is fully exempted. These proceeds are utilized for the charitable or public purpose.
    Well, the scheme has been launched. Now its implementation will enunciate the real benefits.

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