Central and state governments are expected to issue more notifications shortly as they give effect to the tax rate cuts on about 22 items
The central government on Monday night notified goods and service tax rate cuts on movie tickets and certain services like third party insurance as had been announced by the federal indirect tax body, the Goods and Services Tax (GST) Council on 22 December.
The notifications are effective from 1 January. Central and state governments are expected to issue more notifications shortly as they give effect to the tax rate cuts on about 22 items that the Council had announced.
While the central government notifies the rate reduction on central GST (CGST) and integrated GST (IGST) applicable on imports and inter-state sales, states notify the state (SGST) rates.
The Council had at its last meeting decided to lower rates on seven items which were in the highest slab of 28% as part of a tax slab rationalisation.
The items in the highest slab benefiting from the rate cut included pulleys and transmission shafts used in farming, monitors and TVs up to screen size of 32 inches, power banks, retreaded tyres, digital cameras and video camera recorders, and video game consoles. The rate on these items are being lowered to 18%.
It was also announced that parts of carriages for disabled people, which were earlier taxed at 28%, will be reduced to 5%. The rate cuts will have a revenue impact of Rs 5,500 crore for the full year.
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