With the reduction of GST, the prices of 23 appliances including laptops and digital cameras are about to get implemented from today. GST, the goods and services tax came into existence right from July 1, and the central government had fixed the tax in four different rate slabs namely, 5%, 12%, 18% and 28%.
GST council members are often seen discussing on reduction of GST rates, and on December 22, the 31st GST meeting was held. It was decided to reduce the taxes of 23 items, and it was decided that on the 28% tax slab, items like hazardous items, luxury goods, and cement, television sets with large screen, Air-conditioners and dishwashers alone are categorized.
The tax on vehicles for physically challenged was reduced from 28% to 5% , and taxes on cinema tickets up to rupees 100 was 18 to 12% and tickets above 100 rupees from 28% to 18%. Similarly, GST of 32 inches TV, power banks were reduced and this comes into implementation from yesterday.
Arun Jaitley to increase Income Tax Slabs Tax Rate Accordingly Finance Minister Arun Jaitley might make a move to the income tax exemption threshold to the salaried, which is as of now Rs 2.5 lakh to Rs 5 lakh, which would be a huge relief to the middle class. Furthermore resuming tax free status for medical expenses and transport allowance, this move is being made to provide relief to this class, which was probably the worst hit by demonetization.
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