The GST Council reduced the tax rates on some goods which include Movie Tickets, Insurance, Power Banks Monitors and TV Screens etc. Rates have been slashed for 23 no. of goods and many items which were in the 28% tax slab have been brought down. 28 no. of goods are now present in the 28% tax slab.
Below is the list of effective rates:
28% to 18%
- Pulleys, transmission shafts and cranks, gear boxes etc., which are falling under HS Code 8483.
- TVs and Monitors of up to screen size of 32 inches.
- Pneumatic tires of rubber;
- Power banks of lithium ion batteries.
- Video camera recorders and Digital cameras.
- Video game consoles and other games and sports requisites falls under 9504 HSN code.
- Move tickets above Rupees 100/-.
28% to 5%
- Accessories and parts used as carriages for disabled people.
18% to 12%
- Debagged or Cork roughly squared.
- Articles of natural cork
- Agglomerated cork
- Movie tickets up to Rupees 100/-.
- Third party insurance premium of goods carrying vehicles.
18% to 5%
- Rubble Marbles
12% to 5%
- Natural cork
- Walking Stick
- Fly ash Blocks
12% to Nil
- Music Books
5% to Nil
- Vegetables, (uncooked), frozen, branded and put in a unit container
- Vegetable provisionally preserved, but unsuitable for immediate consumption
GST has been exempted on services given by banks for BSBD account holder
The reduced rates are likely to come into effect from January 1st 2019.