Daily Current Affairs 2021 GST Council has slashed tax rates on 23 goods and services. | Daily Current Affairs 2021

GST Council has slashed tax rates on 23 goods and services.

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Aiming to push demand and boost the economy, the council reduced tax rates on goods and services including movie tickets, TV and monitor screens and power banks, and exempted frozen and preserved vegetables from the levy.

The reduced rates are likely to come into effect from January 1, 2019, Finance Minister Arun Jaitley told reporters after the 31st meeting of the Goods and Services Tax (GST) Council. Those under slashed under 18 per cent include, pulley, transmission shafts, cranks, gear boxes, Monitors, TVs (upto 32 inches), Power banks (lithium ion). Items under 5 per cent include accessories for disabled persons. While addressing the media, Finance Minister Arun Jaitley said the GST Council approved the proposal to form a 7-member Group of Minister (GoM) to study revenue trends and analyse the reasons for structural patterns affecting the revenue collection in some of the states.

“The study would include the underlying reasons for deviation from the revenue collection targets vis a vis original assumptions discussed during the design of GST system, its implementation and related structural issues,” he added. According to a government release, the GoM will be assisted by a committee of experts from the central government, state governments and the National Institute of Public Finance and Planning (NIPFP). “The GoM, in turn, would give its recommendation to the GST Council. The members of the GoM and the Committee of experts would be announced in due course of time,” it added.

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