India cuts tax rates on some goods after election loss

TVs Monitors Cameras Gaming Consoles Power Banks Could Get Cheaper After GST Rate Cut

GST Council on Saturday slashed tax rate on seven goods in the 28 per cent slab thus leaving only 28 luxury items such as dishwasher and cement left in the highest bracket.

The GST Council has also reduced tax rate from 18 per cent to 28 per cent on digital cameras and video camera recorders.

Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) shall be exempted. Several BJP state government were quick to announce loan waivers following the new Congress chief ministers' announcements. The unravelling of multiple structures of taxation in the GST is a key declaration but the government's sudden decision shows the BJP is firmly in damage control mode.

An official said that this 12%GST rate ideally would have been partially offset by way of taxes paid on inputs by builders and hence the actual incidence of GST on under-construction home buyers would have been around 5-6%.

Ficci President Sandeep Somany said the GST Council has followed a pragmatic policy by bringing down rates gradually, taking into consideration the revenue realisation and affordability, and this will stabilise and strengthen GST further.

Sharing other important decisions taken by the GST Council today, FM Jaitley said, "There is no GST cut on cement and auto parts".

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- 33 items have come down from 18% to 12% & 5% as they are common man's consumption goods. 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 31st GST Council meeting has reportedly approved a proposal to form a 7-Member Group of Ministers to study the revenue trend, including analysing the reasons for structural patterns affecting the revenue collection in some of the states.

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. Jaitley said, a reduction in GST rates on Cement would cost Rs 13,000 crore. They are now brought into 18% Slab.

Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal said that the reduction in rates "will on one side will lower the cost of production of large number of items and on the other hand will make consumers more comfortable".

The Finance Ministry has time and again asked real estate dealers to pass on GST rate cut benefits to buyers, but to no avail.

Initially, when GST had just been imposed, on July 1, 2017, there were 226 goods in the 28 per cent slab.

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