The goods and services tax council on Saturday decided to slash tax rates several items.
Finance Minister Arun Jaitley announced the decisions taken in the meet:
– Now, 28% slab rate is only applicable on 34 luxury items
– GST on economy class air tickets reduced to 5% and business class air tickets to 12%
– GST on movie tickets costing up to Rs 100 cut to 12 % from 18%; tickets over Rs 100 to attract 18% GST, against 28% earlier
– Monitors and television screens, tyres, power banks of Lithium-ion batteries have brought down from 28% to 18% slab
– Accessories for carriages for specially abled persons have been brought down to 5%
– Services supplied by the banks to Jan-Dhan account holders will be exempted from GST