Anupam Kher hails reduction in GST on movie tickets

GST rates reduced for 23 goods and services including movie tickets TV

GST rates reduced for 23 goods and services including movie tickets TV

CAIT Secretary General Praveen Khandelwal said that the reduction in GST tax rates will on one side lower the cost of production of a large number of items and on the other hand will make consumers more comfortable.

He also said that the original demand by the Congress that all goods should come down to 18% and below has been agreed by the Government of India.

Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger.

Jaitley said the council had discussed fitment committee recommendations on rate rationalisation.

Veteran actor Anupam Kher praised the Narendra Modi-led government for reduction of GST on movie tickets at the recently held 31st GST Council meeting, on Saturday.

Briefing media after the meeting of the Council in New Delhi last evening, Finance Minister Arun Jaitley said, accessories for carriages for specially-abled persons have been brought down to 5 per cent.

Lauding the GST Council's decision to reduce the tax rates on several items and services, Ficci's President Sandip Somany on Sunday said a gradual reduction in GST rates would further stabilise and strengthen the tax regime.

GST on solar power generating plants and renewable energy items have also been reduced, he added.

Sharing other important decisions taken by the GST Council today, FM Jaitley said, "There is no GST cut on cement and auto parts". Monitors and TV screens up to 32-inches and power banks will attract 18 percent GST, as against 28 per cent earlier. The GST Council has also made a decision to slash tax rate on parts and accessories for the carriages for disabled persons from 28 per cent to 5 per cent. The annual revenue loss on account of this would be Rs 1,500 crore.

- Jaitley: GST collection lower than expectations. With this, only 28 goods are left in the highest 28 per cent tax bracket. However, the 34 luxury items will not be part of the current changes.

The recent defeat of the BJP in three states has altered the composition of the Council, and the central ruling party will not be able to push its agenda unless a few regional parties back it. Exported Gold ornaments will not attract any GST. However, 12 per cent GST is applicable on sale of under-construction property or ready to move in flats where completion certificate is not issued at the time of sale. "If they are brought down from 28% to 18%, implications are of Rs 33,000 crore".

Initially, when GST had just been imposed, on July 1, 2017, there were 226 goods in the 28 per cent slab. "Thus within a record period of thirteen months, the GST Council has nearly phased out the 28% category".

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