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New Year, New GST Rates: These Goods and Services are Cheaper in 2019
January 03, 2019
On December 22, the Goods and Services Tax (GST) Council slashed the GST rates on 23 goods and services. The new rates are effective from January 1, 2019. As a result, consumers will have to pay less for these products and services which include LED/LCD TVs, movie tickets, etc. Now only a few luxury items attract the highest GST rate of 28% including air conditioners, large-size TVs, etc.
The following are some of the items that have now become cheaper due to lower GST:
- Digital cameras, video game consoles, pulleys, cranks, power banks (earlier: 28%, now: 18%)
- Third party insurance premium of goods carrying vehicles (earlier: 18%, now: 12%)
- Walking stick, natural cork (now: 5%)
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