In what came as a festive bonanza to the common man, the 28% tax rate has been reduced on certain items under the Goods and Services Tax (GST) regime while some have been completely exempted from it.
The decision was taken in the GST Council meet held on 22nd December, 2018.
The move has been initiated keeping in mind the benefit of citizens and small scale businesses who had been demanding rate rationalization for quite some time now.
After the meeting, Finance Minister Arun Jaitley addressed the press and informed them about the items that have undergone tax reduction.
Many items including movie tickets, computer screens etc have been removed from 28% tax slab, a move that was quite awaited by the citizens.
In the video below, we talk about the list of items on which tax has been reduced and also those items which have been completely exempted from GST.
Image Credits: Google Images
Sources: Times of India, Economic Times, India Today + more
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