As a new year's gift to the common man, the government has notified a reduction in GST on a host of products and services including movie tickets, TVs, and computer monitor screens.
While the lower GST rate for 23 items came into effect on January 1, the decision had been taken by the GST Council on December 22.
Here are the details.
What went down in the GST Council's December 22 meeting
In its December 22 meeting, the GST Council decided to revise GST rates on 23 items as it sought to revise tax slabs.
It was decided that GST on 23 items, including the aforementioned ones, would be reduced to 18% from the earlier 28%.
The 28% tax slab now stands restricted to luxury goods and sin goods, apart from certain auto parts and cement.
Noteworthy goods on which GST has been slashed
Goods on which GST has been lowered to 18% include monitors and TV screens up to 32 inches, video game consoles, video camera recorders, digital cameras, power banks, used tyres, gearboxes, and transmission shafts, among others.
Low GST rates on certain goods has also been approved
However, that's not all.
In the meeting, the GST Council also decided to slash the tax rate on parts and accessories of carriages for disabled people. GST for these goods were lowered from 28% to 5%.
Additionally, the Council lowered GST on walking sticks, marble rubble, natural corks, and fly ash blocks to 5%.
GST rates on movie tickets
As far as movie tickets are concerned, GST on movie tickets costing up to Rs. 100 has been cut to 12% from the earlier 18%. Meanwhile movie tickets costing above Rs. 100 will be taxed at 18%, against the earlier 28%.
Goods that have been exempted from GST
Apart from lowering GST on the aforementioned goods and services, the Council also exempted certain items from GST.
Music books and vegetables (uncooked and unsuitable for immediate consumption) were exempted from GST.
Additionally, bank services to savings accounts holders under the Pradhan Mantri Jan Dhan Yojana scheme were also exempted from taxes.