After Union Finance Minister Arun Jaitley on Saturday announced that GST rates on movie tickets will be brought down, the Indian entertainment industry has been expressing their gratitude to Prime Minister Narendra Modi on various platforms. GST rates on movie tickets costing up to Rs 100 have been slashed to 12 percent from 18 percent, whereas tickets over Rs 100 which had a 28 percent GST rate will now bear only 18 percent. Hope Theatre Owners will pass the benefit on to the audiences. Revenue implication for a reduction in cinema tickets is Rs 900 crore.
Television sets, video games, and power banks among 7 items brought down from 28% slab A composition scheme will be framed for small service suppliers. Some of the issues on taxation on residential properties will be discussed in next meet in January. Except for 13 auto parts and cement, rates on all items have been reduced.
Monitors and screen up to 32 inches, gearboxes, retreated tyres, power banks of lithium-ion batteries, video games and other sports-related items have been reduced from 28 percent to 18 percent. GST rate on special flights for pilgrims lowered for the economy at 5 percent and business class at 12 percent. new GST returns the form to be introduced on a trial basis from April 1.