31st GST Council meeting

31st GST Council Review Meet Ends Finance Ministry Reduces Tax on 33 Items New Rates to be Effective From January 1

Approving the recommendations made during the meeting today, the GST Council has chose to reduce GST levied on cinema tickets priced up to Rs 100 from 18 per cent to 12 per cent. Film tickets priced above Rs 100 will attract GST at a rate of 18 per cent, instead of the earlier 28 per cent.

This was announced by Union Finance Minister Arun Jaitley, who said that "six items have been removed from the 28 percent tax bracket under the Goods and Services Tax (GST) regime".

After the meeting, Jaitley said, "Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28 per cent to 18 cent slab". Meanwhile, GST rate on cement and auto parts has not been changed.

The three items which will now attract a 12 per cent tax under GST, instead of the existing 18 per cent, include articles of natural cork, and corks roughly squared or de-bagged.

GST rates on movie tickets costing up to Rs 100 have been slashed to 12 per cent from 18 per cent, whereas tickets over Rs 100 which had 28 per cent GST rate will now bear only 18 per cent.

He further added, "Cement's revenue is 13000 crore and automobile parts revenue is 20000 crore. We are, however, disappointed that the expected drop in GST rates for under-construction houses hasn't come in during this session, but hopeful that there will be a positive outcome in the next committee meeting in January", said Shishir Baijal, chairman and managing director, Knight Frank India.

NASA discovers Saturn is losing its rings
The rings are made up largely of frozen water, and they're actively dumping incredible amounts of ice onto the planet constantly. If you're weighing up the pros and cons of immortality, pop "may have to live with a ringless Saturn" on the negative list. .

Gatwick flights disrupted after drones spotted nearby
Fraser Hutcheson tweeted: "Had to land at Birmingham airport because #GatwickAirport has been closed due to drone activity". He said two drones had been seen flying "over the perimeter fence and into where the runway operates from".

Cohen Only Became a 'Rat' After FBI Broke Into His Offices
Trump directed him before the 2016 election to make payments to Karen McDougal and Stormy Daniels , who allegedly had affairs with Mr.

However, the GST Council in its meeting on Saturday made a decision to take out 6 items from this list.

Extending the Composition scheme to small service providers.

GST council in its next meeting would take a view on the above issues in its next meeting. Meanwhile, a group of seven ministers will be constituted to look into revenue loss to states and structural problems of GST.

Jaitley said revenue collection has been higher in case of manufacturing, and tepid in case of services. The GST Council had gone for a massive 10% cut. Other goods or services used in these plants attract applicable GST.

The Council approved amendment in section 50 of Central GST (CGST) Act 'to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger. "We are glad that the GST Council has recognised the issue".

"A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the state tax authorities would be implemented on pilot basis".

Related news:

Hot News

isis-killer-beheading-video-story-top Not just Khashoggi: 53 journalists killed worldwide in 2018, report says
Dec 22, 2018 - 20:18
Ten other journalists' deaths in 2018 were not included in the total, because they are still under investigation. Four of those were journalists killed by a gunman in a June attack on the newspaper Capital Gazette in Maryland.

isis-killer-beheading-video-story-top US Envoy for Anti-Daesh Coalition Reportedly Resigns Over Syria Pullout
Dec 22, 2018 - 20:12
A Taliban official said the announcement is a positive step which could "lead to trust building that the United States wants a political solution".

isis-killer-beheading-video-story-top Apple Has to Stop Selling iPhones in Germany, Court Rules
Dec 22, 2018 - 20:04
The company noted, however, that all iPhone models remain available from cellphone carriers and resellers in the country. Because if Internet sleuths are correct, the chip maker might find itself in even deeper trouble than before.

isis-killer-beheading-video-story-top Run-up to Flynn sentencing tinged with unexpected drama
Dec 22, 2018 - 18:59
Mr Mueller's office cited Flynn's "substantial" co-operation with the inquiry and career of military service. Flynn has been a central focus of the Mueller probe.

isis-killer-beheading-video-story-top Harvey Weinstein's sexual assault case moves forward
Dec 22, 2018 - 17:15
He said he's confident Weinstein will be "completely exonerated", calling the judge's decision a " technical ruling on the law". Prosecutors said the material didn't pertain to Weinstein and the woman wound up not deleting anything.

isis-killer-beheading-video-story-top Government set to shut down as senator says no vote
Dec 22, 2018 - 14:43
The US Postal Service, busy delivering packages for the holiday season, would not be affected because it is an independent agency. The Senate meanwhile remained open late Friday, but there were no signs yet of a breakthrough, and the chamber was quiet.

isis-killer-beheading-video-story-top While Congress denies Trump, veteran's page raises $2.8 million toward border wall
Dec 20, 2018 - 18:33
The triple amputee and military veteran launched the campaign on December 16, setting an initial goal of $200 million. Steven Palazzo (R-Miss.) that would fund the border wall with savings bonds Americans could purchase.

isis-killer-beheading-video-story-top Guilty pleas, indictments abound in Trump-Russia probe
Dec 20, 2018 - 17:43
The Republican president told Fox News on Thursday Cohen did only "low-level work" for him, mostly in public relations. Cohen, however, recorded a conversation between him and Trump in which they discussed a payment to McDougal.

isis-killer-beheading-video-story-top Huawei to spend $2 billion over five years in cybersecurity push
Dec 20, 2018 - 17:11
French carrier OrangeSA last week also decided against buying Huawei gear for its 5G network. Huawei and ZTE are two companies that have been constantly getting warnings from the US.

isis-killer-beheading-video-story-top Japan to Buy More Stealth Jets, Radar to Counter China, Russia
Dec 20, 2018 - 14:15
The five-year plan approved Tuesday assumes record defence spending of 27.47 trillion yen (US$244 billion) through March 2024. If retrofitted, the Izumo-class ships will become Japan's first aircraft carriers since the end of World War II .

isis-killer-beheading-video-story-top Penny Marshall Made History As Female Director But Rejected 'Feminist' Label
Dec 20, 2018 - 00:28
Mashall's publicist, Michelle Bega, said she passed away in her Los Angeles home on Monday due to complications from diabetes . Marshall is perhaps best known for her role as Laverne in the ABC sitcom " Laverne & Shirley".

isis-killer-beheading-video-story-top North Korea: We Won't Denuclearize if 'Vicious' US Actions Continue
Dec 18, 2018 - 16:34
Just last month, satellite images of North Korea's nuclear test sites were released, suggesting the regime is continuing to develop ballistic missiles.

isis-killer-beheading-video-story-top Donald Trump Wishes Michael Flynn 'Good Luck' with Sentencing
Dec 18, 2018 - 15:50
Flynn, 60, is a former head of the Defense Intelligence Agency and a retired lieutenant general in the United States army. Another potential target, Jerome Corsi, leaked draft court documents and accused Mueller's team of bullying him.

isis-killer-beheading-video-story-top Ravenas: PH's 'lucky charm' in Miss Universe
Dec 18, 2018 - 15:26
The Miss Universe contest will air on Sunday night, with talk show personality Steve Harvey performing host duties. However, despite her participation Miss World organization didn't accept transgender participation.

isis-killer-beheading-video-story-top Paine relief: Australia win for 1st time since 'sandpapergate'
Dec 18, 2018 - 14:57
Australia´s best result in the four previous Tests since the scandal was narrowly hanging on for a draw against Pakistan in Dubai. However, Vihari added just four to his overnight score and fell to Mitchell Starc, who took 3-46, for 28.