GST

Dec. 23, 2018

GST Council in the 31st meeting held on 22nd December, 2018, announced cuts rates on several commonly used goods and services and Rationalized the 28 % slab.

Key decisions taken by GST Council:

The GST Council today cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks. The new GST rates will be effective from 1st January next year.
Monitors and TV screens up to 32-inches and power banks will attract 18 per cent GST, as against 28 per cent earlier.
GST on movie tickets costing up to 100 rupees was cut to 12 per cent from 18 per cent, while tickets over 100 rupees will attract 18 per cent tax, against 28 per cent earlier. The Film industry has welcomed the decision to reduce GST on cinema tickets.
Accessories for carriages for specially abled persons have been brought down to 5 per cent.
Services supplied by banks to basics saving banks deposit accounts and holders of the Pradhan Mantri Jan Dhan Yojana accounts will be exempted from any GST transactions.
28 percent slab rate is applicable on cement and auto parts and luxury items like Air Conditioner and dishwasher.

Other decisions:

A Centralised Advance Ruling Authority (CARA) will be setup to review conflicting verdicts of state-level advance ruling authorities (SARAs).
Deadline of filing GST Annual return has been postponed to June 30, 2019.

Source : The Hindu