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economy | IST

GST has been the biggest tax reform in the country, says revenue secy Ajay Bhushan Pandey

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The goods and services tax (GST) council, in its meeting on Saturday, reduced rates on 23 goods and services. Of the 23 items, tax rate on 7 items in the 28 percent slab has been brought down. Now, only luxury and sin goods are in the 28 percent slab. CNBC-TV18 spoke to revenue secretary, Ajay Bhushan Pandey to get his views on the GST framework post the 31st GST meet.

The goods and services tax (GST) council, in its meeting on Saturday, reduced rates on 23 goods and services. Of the 23 items, tax rate on 7 items in the 28 percent slab has been brought down. Now, only luxury and sin goods are in the 28 percent slab.
Movie tickets costing over Rs 100 will now be taxed at 18 percent versus 28 percent earlier, while tickets priced below Rs 100 will now attract GST at 12 percent. Monitors and TV screens up to 32 inches and power-banks will attract 18 percent GST, as against 28 percent. Wheelchair accessories too have been brought under the 5 percent bracket from 28 percent.
CNBC-TV18 spoke to revenue secretary, Ajay Bhushan Pandey to get his views on the GST framework post the 31st GST meet.
“It has always been the policy of the GST council and the government (central and the state government) to rationalise the rates and this exercise is a continuous exercise because GST has been one of the biggest tax reforms in our country. Whenever you undertake such big reforms, you have to always make certain rationalisation and adjustments along the way. We have had many such rationalisation during the last one and half year, this was also one of those exercises,” Pandey said.
“The policy is to bring down the rates which are not the luxury and sin good items to come down to 18 percent. However, this will be done in a gradual manner so that we can also see the revenue impact but then the direction is very clear that is we need to have only the sin goods and the luxury items till some time in 28 percent and the rest of the items could be brought down to the level of 18 percent,” he added.