India Markets closed

23 Goods And Services To Become Cheaper From Today

Roshni Agarwal

The GST Council in its December 22 meet has cut GST tax rate on some 23 goods and services that include TV, monitor screens, TV, power banks, movie tickets etc. Also the council exempted preserved and frozen vegetables from the levy of GST tax.

The new lowered GST rate will come into effect from January 1.

The highest 28% GST tax slab has been rationalized to include only luxury, demerit and sin goods. Also, the other items that fall in the highest tax rate category are large screen TV, ACs, dishwashers and cement. Items which will now attract 18% tax as against 28% earlier include pulleys, transmission shafts and cranks, gear boxes, retreaded or used tyres, power banks of lithium ion batteries, digital cameras, video camera recorders, video game consoles, monitors and TV screens up to 32 inches.

On the accessories and parts of the carriages for disabled persons the GST rate has been also lowered from 28% to 5%.

In respect of the goods carrying vehicles, GST on third-party insurance premium has been brought down to 12% from 18% earlier.

Marble rubble, natural cork, walking stick, fly ash blocks will attract lower GST rate of 5%. Music books have been exempted from the levy of GST.

GST on movie tickets priced up to Rs. 100 will be 12% as against 18% earlier and in case of tickets priced over Rs. 100, there will be a levy of 18% GST as against 28% earlier. Air travel of pilgrims arranged by the government under bilateral arrangements by -scheduled/charter operations will be levied with a GST of 5%.

Banking services offered to basic savings bank deposit (BSBD) account holders such as cheque book issuance, SMS alerts etc. under the Jan Dhan Yojana will not be charged GST.

Also Read:

These Services To Be Tax-Free From Jan 1, Few Items Also To Get Cheaper

GST Council Approves Tax Cut On TV, Video Games, Power Banks And More

LPG Prices Reduced For Subsidized And Non-Subsidized Cylinders