23 goods and services cheaper from today amidst GST rate cuts

23 goods and services, including movie tickets, TV and monitor screens and power banks will become cheaper from today as the reduced Goods and Services Tax (GST) on them will come in to effect. The GST Council headed by Arun Jaitley on 22nd of December 2018, had decided to cut tax rates on 23 goods and services making the goods cheaper all over for the consumers.

GST rate reduction on goods which were attracting GST rate of 28% now to be considered under 18% slab constitute monitors and TVs of upto screen size of 32 inches, Digital cameras and video camera recorders, Video game consoles and other games and sports requisites, Power banks of lithium ion batteries. However, the same now to be considered under the 5% slab rates constitute accessories for the carriages for disabled persons sole.

Meanwhile the services including cinema, insurance, have become cheaper as the rate cut follows fall of 6% complete. Earlier being, charged 18%, now these will be charged under 12% slab rates of GST. However the goods exempted from the taxation scheme constitute music books, preserved vegetables and savings bank accounts under the Jan Dhan Yojana.

On December 18, Prime Minister Narendra Modi had announced the government is aiming to bring 99 per cent of items below the 18 per cent GST slab and warned of stringent action against defaulters of bank loan and fugitives.