"Accessories for carriages for specially-abled persons have been brought down to 5%". Air conditioners, dishwashers are also in this segment, so also 13 items of automobile parts, 8 items of the cement industry.
With regard to GST on the lottery, currently, state-organised lottery attract 12 per cent GST, while state-authorised lottery attracts 28 per cent.
Ficci President Sandeep Somany said the GST Council has followed a pragmatic policy by bringing down rates gradually, taking into consideration the revenue realisation and affordability, and this will stabilise and strengthen GST further.
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The new tax rates will come into effect from January 1, 2019.
- Finance minister Arun Jaitley said that today's GST rate reduction will have an overall impact on revenue of Rs 5500 crore. According to a statement, the Guild is happy with the reduction of GST on film tickets, exceeding Rs 100 to 18 percent from 28 percent and up to Rs 100 to 12 percent from 18 percent. Movie Tickets which were earlier in 18 per cent and 28 per cent has been reduced.
The GST on real estate will be reviewed in the next meeting, he added. Furthermore, he stated that the services supplied by the banks to Jan-Dhan account holders will also be exempted from GST.
The Council also chose to form a seven-member Group of Ministers (GoM) to study anomalies in tax collection in some of the states which showed wide deviation from what was expected in terms of shortfall.
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The US Postal Service, busy delivering packages for the holiday season, would not be affected because it's an independent agency. Most of the Internal Revenue Service (IRS) will be sent on unpaid leave, including those who assist taxpayers with queries.
The 31st GST Council meeting also approved a proposal to form a 7-Member Group of Ministers (GoM) to study the revenue trend, including analysing the reasons for structural patterns affecting the revenue collection in some of the states.
GST on walking stick was reduced from 12 per cent to 5 per cent. GST on music books cut from 12 per cent to zero.
"In many states there is improvement (collection), but we have a very stiff target". The GST Council in a meeting a little while ago has chose to cut down the existing GST rates of the movie tickets of all the ranges. "If they are brought down from 28 percent to 18 percent implications are of 33000 crore".
Commenting on the development, advisory multinational Deloitte said the selection of items for rate reductions "appear to be influenced by the desire to minimise revenue dips".
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- Jaitley: GST rate on cement: No change.