In its 31st meeting today, the Goods and Services Tax Council slashed tax rates on seven items previously placed in the highest tax slab under the indirect tax regime. Out of the items that were brought down from the 28 per cent slab, six items were brought down to 18 per cent and one item to five per cent.

Approving the fitment committee recommendations, televisions up to 32 inches, used tyres, power banks using li-ion batteries, video games and sports-related items. Wheelchairs and carriages for disabled persons have been brought down from

Cinema tickets up to Rs 100 which had a GST of 18 per cent has been brought down to 12 per cent. The movie tickets which had a GST of 28 per cent has been brought down to 18 per cent. Third party vehicle insurance has also been reduced to 12 per cent from 18 per cent.

Religious pilgrims using special flights by MEA will have to pay GST equal to that on normal air tickets, Jaitley said.

Taxation on residential properties, composition scheme for small-scale service providers will be taken up in the next meeting scheduled for January. A panel will be formed to look into GST paid in real estate sector.

Contrary to speculations, cement and automobile parts were not considered for tax rate cuts by the GST Council today on account of the revenue implications. Air conditioners and dishwashers were not taken up for GST rate cut today as they are used by the high-income groups in India, Jaitley said.

This leaves 34 items in the 28 per cent GST slab, which includes luxury and sin goods.

A Group of Minister comprising seven ministers has been formed to study the data related to the shortfall of GST revenue in certain states. This ministerial group will take expert advice from the National Institute of Public Finance and Planning in the process.

Edited by Vivek Punj