Gradual Reduction In GST Rates To Strengthen Tax Regime, Says Industry Body

GST rate cut on cement may cost Rs 13,000 crore to exchequer

Major construction material, capital goods and input services used for construction of flats and houses attract 18% GST, while cement attracts 28%tax. "Accessories for carriages for specially-abled persons have been brought down to 5%".

"Monitors and television screens, tyres, power banks of Lithium-ion batteries have been brought down from 28% to 18% slab".

Rate on special flights for pilgrims: Economy class is at 5 percent and business class is at 12 percent. Movie tickets costing more that Rs 100 have been brought down from 28 to 18 per cent.

Listing out other decisions of the GST Council, the Jaitley said the services supplied by the banks to Jan-Dhan account holders have been exempted from GST.

In the past, the industry had urged the government to reduce GST rate to 18 per cent for upto 43 inches sized TVs.

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"This will help the industry move forward positively with increased investments in both exhibition infrastructure and creative development, enabling even better cinema and greater screen density across the country". They are now brought into 18% Slab. "Although, a lot was expected for the real estate sector, it seems the Government is taking one stitch at a time", said Grant Thornton India Partner Suresh Nandlal Rohira.

Jaitley further said that the Council has decided that businesses which are supposed to pay GST and file returns but have not done so far, should file it by March 31, 2019, to avoid penalty. As per early estimates, the rate reduction will affect revenues to the tune of Rs 5,500 Cr.

The council has made a decision to grant Rs 60,000 crore in compensation to all states for the losses incurred due to the new tax regime for the following year, Bloomberg Quint reported.

This was announced by Union Finance Minister Arun Jaitley, who said that "six items have been removed from the 28 percent tax bracket under the Goods and Services Tax (GST) regime". The states would discuss and a final view would be taken in the next meeting as to whether the status quo should continue on GST on the lottery.

The Goods and Services Tax Council on Saturday approved the proposal to form a "seven-member Group of Ministers" to analyse reasons affecting the revenue collection in some of the states.

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Airconditioners and dishwashers have been left untouched at the highest rate because these are not items of common use in India, he said.

- According to a BTVI report, Congress ruled states opposed pruning of 28% rate slab at the GST council meeting.

The Finance Minister said that there will be no GST cut on cement and auto parts.

"The potential homebuyers feel they are not getting benefited under GST".

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