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Full list of items with latest GST rate cuts.

GST rate reduction on goods which were attracting GST rate of 28% to 18%.

The 31st GST Council meeting chaired by Finance Minister Arun Jaitley at Vigyan Bhawan was attended by finance ministers all the states.

“There are 28 items left in the 28% bracket if we include luxury & sin items. 13 items are from automobile parts and one is cement. Cement’s revenue is 13,000 crore and automobile parts revenue is 20,000 crore. If they are brought down from 28% to 18% implications are of Rs 33,000 crore,” Finance minister Arun Jaitley said in press briefing post meeting.

GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets upto Rs. 100 from 18% to 12%.

* GST rate on third party insurance premium of goods carrying vehicles shall be reduced from 18% to 12%

* Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) shall be exempted.

* Air travel of pilgrims by non-scheduled/charter operations, for religious pilgrimage facilitated by the Government of India under bilateral arrangements shall attract the same rate of GST as applicable to similar flights in Economy class (i.e. 5% with ITC of input services).

Bio-gas plants, solar power based devices and solar power generating systems will attract a 5 percent GST rate. Other goods or services used in these plants will attract the applicable rate.

To resolve recent disputes regarding goods and services offered in the construction of solar power plants, the GST Council recommended that “in all such cases, the 70 percent of the gross value shall be deemed as the value of supply of said goods attracting 5 percent rate and the remaining portion (30 percent) of the aggregate value of such EPC contract shall be deemed as the value of supply of taxable service attracting standard GST rate.”

The new rate reduction will be applicable from January 1. Now the GST council will discuss taxation of residential property in the real estate sector in the next meeting scheduled in January, said Finance Minister Arun Jaitley. A decision on disaster cess will also be taken in the next meet. A GoM is in the process of finalising the report.

The GST Council meeting is being held against the backdrop of lower than budgeted collection so far. The council may also discuss ways to increase collection and stop tax evasion. The biggest problem, in the present scenario, could be to announce rate cut given the collection shortfall.

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