Friday, April 10, 2020
Home Economy and Finance Modi delivers: Only 28 luxury items remain in 28% GST slabs, rates slashed for...

Modi delivers: Only 28 luxury items remain in 28% GST slabs, rates slashed for several goods

Products like monitors, tyres, power banks, Lithium-ion batteries have been brought to 18% slab and accessories related to specially-abled people to 5%.

Also Read

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

After Prime Minister Narendra Modi announced the government’s aim to bring 99 percent of all items below the 18 percent GST slab, today 31st GST council meeting was chaired by Finance Minister Arun Jaitley with finance ministers from states in the National Capital. Its aim was to rationalize and announce tax cuts for goods of everyday consumption and bring them under 18% slab.

Financial Minster after the meeting announced that only 28 items of luxury remain under the slab of 28%, and all other products of common needs have been moved under the 18% slab. Products like monitors, tyres, power banks, lithium-ion batteries have been brought to 18% slab and accessories related to specially-abled people to 5%.

Products like components of automobiles, cement, air conditioners, and dishwashers will continue under the existing slab of 28%. Although GST reduction of cement was highly anticipated, the Finance Minister said that the reduction in tax on cement and the automobile parts will have fiscal implications as the total revenues from these products is around Rs 33,000 crores.

- article continues after ad - - article resumes -

GST on real estate will be discussed in next council meeting along with taxation on lottery. Arun Jaitley said that  Law Fitment Committee will take a view on real estate in the next meeting.

The Council has also advised for the reduction of GST on Solar power generating plants. The tax rate on movie tickets above Rs 100 was brought under 18% slab. GST on third-party insurance premiums has also been slashed to 12% from 18%.

Vegetables (cooked or uncooked), and frozen vegetables have been shifted to zero percent slab from previous 5%. Bank’s services to Jan Dhan bank account holders will also not invite any tax rate slab.

”Today’s GST rate reduction will have an overall impact on revenue of Rs 5.500 crore” FM Jaitley has asserted.

These announcements are the biggest changes ahead of the upcoming Lok Sabha elections. Sparing a few luxury items, a majority of the products have been transferred under a slab of 18%. These tax cuts will come into effect from January 1, 2019.

- Support OpIndia -
Support OpIndia by making a monetary contribution

Trending now

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Latest News

Bhagalpur, Bihar: Muslim youth pelt stones and open fire at Police after being asked to go home on Shab-e-Barat

Stones were pelted at the Police at Bhagalpur in Bihar when they attempted to prevent Muslims from gathering in large numbers on the occasion of Shab-e-Barat in the wake of the Wuhan Coronavirus pandemic.

Hindpiri, Ranchi: Sanitation workers refuse to disinfect the area after residents spit at them, throw spit-ridden 10 rupees notes at them

Residents of Hindpiri spit on sanitation workers trying to disinfect area after numerous cases of the Wuhan Coronavirus was reported there.

Javed, Nadeem, Isaq and Azad arrested for attack on ASHA workers and police personnel in Panchkula, Haryana: Read details

Police have arrested four youths in Panchkula, Haryana for attack a team of ASHA and Anganwadi workers who were conducting a survey in the colony

Madhya Pradesh: 40 people who were found offering namaz in a mosque in Chhindwara amidst coronavirus lockdown booked

Case registered under Epidemic Act against 40 Muslim individuals who were found offering namaz en masse at a mosque in Madhya Pradesh

MP CM Shivraj Singh Chouhan transfers Rs 700 crores to CM’s Relief Fund to fight Coronavirus, was earmarked by Kamal Nath for IIFA

The IIFA event was to be held in March 2020 at an expense of ₹700 crores in Madhya Pradesh, and it is this amount that CM Shivraj Singh Chouhan transferred to CM Relief Fund

Wadhawans travelled in cars registered with RKW Developers, a company which is under ED’s scanner for links with Iqbal Mirchi: Report

RKW Developers is owned by Dheeraj Wadhawan, son of Rajesh Kumar Wadhawan of the famous Wadhawan family in Mumbai. Housing Development and Infrastructure Limited (HDIL) is under investigation for fraud in relation to the PMC scam and two members of the Wadhwan family have been arrested.

Recently Popular

Did you know that the Prime Minister’s National Relief Fund had the President of Congress party in its managing committee

After PM Modi launched PM CARES Fund, a lot has been discussed about similarities and differences between PM CARES Fund and PMNRF

As India fights Wuhan Coronavirus, here is a list of prominent Hindu Temples and religious leaders helping India through donations and welfare

In the wake of the Coronavirus crisis, numerous Hindu temples have come forward to contribute generously, both in terms of food and welfare, to help the country.

Yes, Nandita Das, there are two Indias that exist – one where the labourers live and the other, from where your father was evicted

About how the Coronavirus lockdown has impacted migrant labourers, Nandita Das said that there exists two Indias

Tablighi Jamaat had planned a ‘fidayeen’ attack on India by spreading the deadly coronavirus: UP Shia Waqf Board chief Waseem Rizvi

Rizvi also said that there is a distinct possibility of radical Islamist Zakir Naik being involved in Tablighi Jamaat conspiracy to spread coronavirus in the country.

Islamists attack Delhi CM Arvind Kejriwal after he asks them to stay at home on Shab-e-Baraat

AAP Supremo took to social media to request Muslims to stay at home for Shab-e-Baraat, which is being celebrated on the intervening night of 8th and 9th April.

Subscribe to our newsletter

Each morning, get an email to keep updated with all the news, opinions and analysis published by OpIndia.

Connect with us

218,254FansLike
277,978FollowersFollow
215,000SubscribersSubscribe
Advertisements