On Saturday the government of India slashed GST on various items. The Goods & Services Tax (GST) council lowered the tax bracket of as many as seven items from the 28 per cent tax slab to the lower brackets.
Items moved from 28 per cent to 18 per cent tax bracket
- Pulleys gearboxes
- TV (upto 32 inch size)
- Video game consoles
- Digital Cameras
- Lithiom-ion battery
Items moved from 28 per cent to 5 per cent tax bracket
- Accessories for carriages for people with disabilities
GST on movie tickets has also been slashed. The tickets costing up to Rs 100 are now under 12% tax slab, earlier they belonged to 18% slab. Whereas the tickets costing above Rs 100 earlier had 28% GST attached them would now come in the 18% tax bracket.
Third-party insurance premium now comes under 12% slab(earlier, 18%).
In a statement to media Finance Minister Arun Jaitley said, “We have cut six more items from the 28% bracket, bringing the overall items in the category from 34 to 28.”
Earlier, this week the government had said that GST would have 99% of its items under 18 per cent.
The GST Council meeting took place on Saturday at Vigyan Bhavan in Delhi. GST Council is the highest decision-making body for the Good & Services tax system which came into effect from July 1, 2017. The Council is headed by the Finance Minister, Arun Jaitley.
As per Article 279A of the Indian Constitution, the GST Council is a combination of Centre and State. According to the Constitution, every decision of the Council shall be taken at its meeting by a majority of not less than 3/4th of the weighted votes(Members present and voting). One-half of the total members shall constitute the quorum at the meeting.