GST Council cuts rates on 23 items, rationalises 28% slab: Key takeaways

Services supplied by banks to basic savings accounts, PMJDY exempt from GST

In a Christmas bonanza to the common man, the GST Council Saturday reduced tax rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks, and exempted frozen and preserved vegetables from the levy.

The reduced rates are likely to come into effect from January 1, 2019, Finance Minister Arun Jaitley told reporters after the 31st meeting of Goods and Services Tax (GST) Council here.

Of the 23 goods and services on which rates have been slashed, tax rate on seven items in the 28 per cent slab has been brought down. With this, only