Reduction in GST rates/exemptions on services on 31st GST Council Meet

Reduction in GST rates/exemptions on services:

  • GST rate on cin­e­ma tick­ets above 100 shall be reduced from 28% to 18% and on cin­e­ma tick­ets upto Rs. 100 from 18% to 12%.
  • GST rate on third par­ty insur­ance pre­mi­um of goods car­ry­ing vehi­cles shall be reduced from 18% to 12%
  • Ser­vices sup­plied by banks to Basic Sav­ing Bank Deposit (BSBD) account hold­ers under Prad­han Mantri Jan Dhan Yojana (PMJDY) shall be exempte
  • Air trav­el of pil­grims by non-sched­uled/char­ter oper­a­tions, for reli­gious pil­grim­age facil­i­tat­ed by the Gov­ern­ment of India under bilat­er­al arrange­ments shall attract the same rate of GST as applic­a­ble to sim­i­lar flights in Econ­o­my class (e. 5% with ITC of input ser­vices).

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