Consumers Beware! These 26 Items Became Cheaper Due To GST Cut Effective January 1st, 2019
GST’s new year gift spreads happiness throughout India!
The GST (Goods and Service Tax) Council has announced a huge cut in GST, giving us Indians one more reason to rejoice! The new rates are to be effective from Tuesday, January 1, 2019.
As per reports, the 28% slab has been reduced largely and reserved for sin goods and luxury items and cement, large screen TV, Air Conditioners and dishwashers.
Previously, at the introduction stage of GST, high rates were applied on daily use items, which put common man in trouble. Goods were categorized into 3 slabs – 28%, 12%, 5% and 0%. But the new law that will be implemented has reduced GST on many items, even exempted GST on necessary items like sanitary pads and rakhis, etc.
Here are the details:
28% to 18%
- Computer monitors and TVs of screen size up to 32 inches.
- Pulleys, transmission shafts, and cranks, gearboxes etc., falling under HS Code 8483
- Re-treaded or used pneumatic tires of rubber;
- Power banks of lithium-ion batteries. Lithium-ion batteries are already at 18%. This will bring parity in GST rate of power bank and lithium ion battery.
- Digital cameras and video camera recorders.
- Video game consoles and other games and sports requisites falling under HS code 9504.
28% to 5%
- Parts and accessories for the carriages for disabled persons
18% to 12%
- Cork roughly squared or debagged
- Articles of natural cork
- Agglomerated cork
18% to 5%
- Marble rubble
12% to 5%
- Natural Cork
- Walking Stick
- Fly ash Blocks
12% to Nil
- Music Books
5% to Nil
- Vegetables, (uncooked or cooked by steaming or boiling in water), frozen, branded and put in a unit container.
- Vegetable provisionally preserved (for example by sulphur dioxide gas, in brine, in sulphur water or in other preservative solutions), but unsuitable in that state for immediate consumption.
Exemptions on services
- GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets up to Rs. 100 from 18% to 12%.
- GST rate on third party insurance premium of goods carrying vehicles shall be reduced from 18% to 12%.
- Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) shall be exempted.
- Air travel of pilgrims by non-scheduled/charter operations, for religious pilgrimage facilitated by the Government of India under bilateral arrangements, shall attract the same rate of GST as applicable to similar flights in Economy class (i.e. 5% with ITC of input services).