Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley chairing the 31st GST Council Meeting being held in Vigyan Bhawan in New Delhi today. 31st Meeting of the GST Council held for Rate Changes & clarification on Goods and Service. GST Council taken rate deduction on Goods and service tax will effect from January 2019.
GST rate cut from 28% to 18% to following goods and service
Pulleys, transmission shafts and cranks, gear boxes etc., falling under HS Code 8483
Monitors and TVs of upto screen size of 32 inches
Re-treaded or used pneumatic tyres 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.
GST rate cut from 18% to 12% to following goods and service
Cork roughly squared or debagged
Articles of natural cork
Agglomerated cork
GST rate cut from 18% to 5% to following goods and service
Marble rubble
GST rate cut from 12% to 5% to following goods and service
Natural cork
Walking Stick
Fly ash Blocks
GST rate cut from 12% to Nil to following goods and service
Music Books
GST rate cut from 5% to Nil to following goods and service
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, insulphur water or in other preservative solutions), but unsuitable in that state for immediate consumption
GST on solar power generating plant and other renewable energy plants
GST rate of 5% rate has been prescribed on renewable energy devices & parts for their manufacture (bio gas plant/solar power based devices, solar power generating system (SGPS) etc) [falling under chapter 84, 85 or 94 of the Tariff].Other goods or services used in these plants attract applicable GST.
Certain disputes have arisen regarding GST rates where specified goods attracting 5% GST are supplied along with services of construction etc and other goods for solar power plant.
To resolve the dispute the Council has recommended that in all such cases, the 70% of the gross value shall be deemed as the value of supply of said goods attracting 5% rate and the remaining portion (30%) of the aggregate value of such EPC contract shall be deemed as the value of supply of taxable service attracting standard GST rate.
Reduction in GST rates/exemptions on services:
GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets upto 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).
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