In a relief to the common man, the GST Council cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks.
As per the announcement made by Finance Minister Arun Jaitley, the annual revenue implication of the rate cuts would be ₹ 5,500 crore.
Now, the 28 per cent slab is restricted to only luxury and sin goods, apart from auto parts and cement — tax rates on which could not be cut due to the high revenue implication.
GST on movie tickets costing up to ₹ 100 was cut to 12 per cent from 18 per cent, while tickets over ₹ 100 will attract 18 per cent tax, against 28 per cent earlier. This will have a revenue implication of ₹ 900 crore.
Source- the Hindu