Small gift on new year reduced GST on 23 items.
As lok sabha elections are near centre government is trying to attract people and businessmen and since they have lost three states in vidhansabha elections so they had to do something so that people might feel relief and good about centre government.
Items which are converted from 28% tax slab to 18%.
- TV & monitor upto 32 inches
- Lithium ion battery of mobile phones
- Power bank
- Digital camera
- Video camera recorder
- Video games
- Movie tickets which costs more than Rs 100.00
- Refurbished old tyres
- Cars pully
- Transmission shaft
- Crank and gear box
Items which are converted from 18% tax slab to 12%.
- Items made from cork
- Third party insurance premium of goods vehicle
- Movie tickets upto Rs 100.00
- Religious trips like Haj, Mansrover (Business class only)
These items now just have 5% tax slab.
- Spare parts of vehicle of differently abled people (Earlier it was in 28% tax slab)
- Walking stick (Earlier it was in 12% tax slab)
- Marbel waste (Earlier it was in 18%)
- Fly ash block (Earlier it was in 12%)
- Cork (Earlier it was in 12%)
- Religious trips from special planes (Earlier it was in 18%)
Items and services which are tax free now
- Basics savings bank account and services related to Jan Dhan bank accounts
- Frozen and preserved vegetables (Earlier it was in 5%)
- Books related to music (Earlier it was in 12%)
According to central government there are only 2.25% items and services are under 28% tax slab. Finance minister told that out of 1250 items only 34 items and services are under 28% tax slab and only 28 items will remain in January. When GST was launced in 1st july 2017 there were 226 items under 28% tax slab. Items under this tax slab are cement, vehicles, Automobile parts, yacht, Aircraft, AC, Dishwasher, Cold Drinks, Cigratte , Tobacco, Pan masala.
Reliefs for businessman.
- From 1st of april trial of new gst form will start which will be much easier than the earlier form. New form will take place from 1st july 2019.
- Formation of advance ruling authority which will tackle cases related to GST only.
- Date has been extended to submit the return form GSTR-9, 9A and 9C to 30 june 2019.
- There is no late fee for the returns pending from July 2017 to September 2018
For updated news on GST kindly refer www.services.gst.gov.in
Kindly comment and give your suggestions whether you like this article or not your comments and suggestios are my hard earnings which will push me to write better then the earlier one.
you can mail us at: firstname.lastname@example.org.
If you feel that you have some awsome ideas on which you can write a great article kindly share your idea we will publish your article on your blog and if you are lucky you can make some money also.