These Items Likely To Get Cheaper On Reduced GST Rates

NDTV Profit Team

22 Dec 2018, 07:47 PM IST

GST Council Meeting: The new GST rates will come into effect from January 1, 2019.

The Goods and Services Tax (GST) Council, headed by Finance Minister Arun Jaitley, on Saturday cut rates on 23 commonly used items such as TV screens, movie tickets and power banks. The council rationalised the 28 per cent slab by shifting seven items to lower tax rates, thereby leaving only 28 items in the slab. Now, the 28 per cent slab is restricted to only luxury and sin goods, apart from auto parts and cement -- tax rates on which could not be cut due to the high revenue implication. (Also read: 32-inch TVs, movie tickets get cheaper; 7 items moved from 28% GST rate)

Here are some of the items moved to lower tax rates after the 31st GST Council meeting:

ITEM (GOODS)	Existing rate	New rate
Pulleys, transmission shafts and cranks, gear boxes etc., falling under HS Code 8483	28	18
Monitors and TVs up to 32 inches	28	18
Re-treaded or used pneumatic tyres of rubber;	28	18
Power banks of lithium ion batteries. Lithium ion batteries are already at 18%. This will bring parity in GST rate of power bank and lithium ion battery.	28	18
Digital cameras and video camera recorders	28	18
Video game consoles and other games and sports requisites falling under HS code 9504.	28	18
Parts and accessories for the carriages for disabled persons	28	5
Cork roughly squared or debagged	18	12
Articles of natural cork	18	12
Agglomerated cork	18	12
Marble rubble	18	5
Natural cork	12	5
Walking Stick	12	5
Fly ash Blocks	12	5
Music books	12	0
Vegetables frozen, branded and put in a unit container	5	0
Vegetable provisionally preserved but unsuitable in that state for immediate consumption	5	0
SERVICES
Cinema tickets above Rs. 100	28	18
Cinema tickets up to Rs 100	18	12
Third party insurance premium of goods carrying vehicles	18	12

The new GST rates will come into effect from January 1, 2019, the government said.

(With agency inputs)