NEW DELHI: The Goods and Services Tax (GST) Council chaired by Finance Minister Arun Jaitley  on Saturday cut rates of 33 items from 18 per cent to 12 per cent and 5 per cent. The meeting was held at Vigyan Bhawan was attended by all finance ministers of all the states.

Earlier this week, Prime Minister Narendra Modi had stated the government is focusing to bring 99 per cent of items below the 18 per cent GST slab and warned of stern action against defaulters of bank loan and fugitives.

Here are Key points of FM Arun Jaitley   presser –

-There are 28 items left in the 28% bracket if we include luxury & sin items. 13 items are from automobile parts & 1 is cement. Cement’s revenue is 13000 crore & automobile parts revenue is 20000 crore. If they are brought down from 28% to 18% implications are of 33000 crore.

- There is no GST cut on cement and auto parts

- Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%

- Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%.

- 8% slab rate is only applicable on 34 items now. These are luxury items.