Changes in GST Rates

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Changes in GST rates after GST Council meeting
Changes in GST rates after GST Council meeting

GST or Goods and Services Tax was ruled out by the Government of India on 1st July 2017, with the single agenda to make concept of taxes easier for the common man. There were various Goods and Services which were taxed under different tax bracket. Recently, after the GST Council meeting, there have been quite a few changes in the GST rates of several goods and services. Let’s find out what were the changes, that came into being after the meeting.
Here is the list of changes, which were ruled out in the recent GST Council meeting: –
1. Now, there are 28 items are under 28% tax bracket, which mainly include luxury and sin items. The rate of 22 items under this bracket have reduced.
2. GST rates of flights for pilgrims reduced from 12% to 5%.
3. The council decided to reduce tax rates of parts and accessories for the carriages, which are used by disabled persons from 28% to 5%.
4. GST rates for movie tickets below Rs. 100 was reduced from 18% to 12% and cinema tickets above Rs. 100 will be at 18%, which was earlier 28%.
5. The council rationalised the 28% slab by bringing down the tax rate on seven items in the highest tax bracket, which left only 28 items under this tax bracket.
6. Power bank of Lithium ion batteries, video games, small sport related items, accessories for carriages for disabled removed from 28% slab.
7. Music books and vegetables (uncooked or cooked by steaming or boiling in water), frozen, branded and put in unit container and vegetables provisionally preserved but unsuitable in that state for immediate consumption are exempt from GST.
8. The GST rates have reduced from 18% to 12% for the third-party insurance premium of goods carrying vehicles.
9. IIM courses and Bank charges (savings bank, Jan Dhan Yojana) are exempt under GST.
10. Moreover, the due date to file GST Annual Return and furnish Audit Report have extended to 30th June 2019.
Well, those were the major changes which were ruled out after the GST Council meeting. Click here and start filing your GST return now.

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