PM Modi govt gift! You can save more money now! Movie tickets, air travel, TVs become cheaper after GST Council meet

You have just received some very good news! Henceforth, you will save more money courtesy decisions taken at the Goods and Services Council meeting chaired by Finance Minister Arun Jaitley today. Importantly for you, GST Council has reduced tax rates applicable on as many as 33 items that come in use daily for everyone. Crucially, these items now fall in GST slabs other than 28 per cent - this is the highest tax slab and all goods under it are the most expensive in India. Now, only luxury items are in the highest 28 per cent slab. The government will be losing a massive Rs 5,500 crore in annual revenue due to these GST rate cuts.

The new tax rates will come into effect from January 1, 2019.

The GST Council slashed rates on common items like computer monitors, power banks, LED TVs, movie tickets and also religious air travel. Therefore, if you are undertaking an air journey for a religious purpose, you will be paying 12 per cent tax for a business class ticket and 5 per cent for an economy class ticket. Earlier, the rate for religious air travel was 18%.

#GSTCouncilMeet | @arunjaitley: नई दरें 1 जनवरी 2019 से लागू होंगी, 28% के स्लैब में अब सिर्फ 28 प्रोडक्ट।@FinMinIndia pic.twitter.com/7AJxtg1q9x

— Zee Business (@ZeeBusiness) December 22, 2018

In another decision, which will be impacting the public the most, GST on movie tickets below Rs 100 have been slashed to 12% from 18% and movie tickets above Rs 100 will now be charged 18%, down from 28%.

The GST Council has also slashed rates on computer monitors, power banks, LED TVs as well. Now, the GST on 32-inch LED TV will be 18%, down from 28% earlier. The computer monitors and power banks have been removed from the higher 28% slab and will now attract 18% GST.

#ZBizHeadlines | शाम 5 बजे की सुर्खियों पर एक नज़र। pic.twitter.com/N0LD3kjLIi

— Zee Business (@ZeeBusiness) December 22, 2018

The finance minister has informed that 33 items have come down from 18% to 12% and 5% as they are consumption goods that are most used by the people across the country.