31st GST Council Meeting: Here’s a list of everything that became cheaper

Finance Minister Arun Jaitley on Saturday announced that the GST on a number of items have been reduced, a few days after PM Narenda Modi had promised to do so during his address at the Republic Summit 2018.

After holding the 31st GST council, Arun Jaitley addressed the media, the GST on 40 items have been slashed, and that most items used by common man has been reduced.

GST will be 5% on the following commodities and services:

• Solar powered items
• Wheelchairs
• Economy flight tickets for pilgrims

GST wil be 12% for the following commodities and services:

• Movie tickets upto Rs 100
• Third Party Insurance carrying vehicles
• Business flight tickets for pilgrims

GST will be 18% for the following commodities and services:

• Movie tickets in excess of Rs 100
• Video games and sports items
• AC
• Dishwasher
• Gear boxes
• Monitor
• TVs upto 32 inches

"The 31st GST Council meeting has approved proposal to form a 7-Member Group of Ministers to study the revenue trend, including analysing the reasons for structural patterns affecting the revenue collection in some of the states. The study would include the underlying reasons for deviation from the revenue collection targets vis-a-vis original assumptions discussed during the design of GST system, its implementation and related structural issues," said the Finance Minister while announcing the changes in the GST.

READ: Why PM Modi's Mega '99% Items In 18%-or-under GST Slab' Announcement Is A Big Blow To The Opposition

This mega announcement comes only four days after PM Modi had addressed the inaugural Republic Summit, wherein he informed that his government will soon bring a situation where 99% of goods and services will be bought under tax of 18% in India.

"We have reached a point where 99% things will be brought under 18% GST charges. We are heading towards a direction where only minimum items will be under the slab of more than 18% which all also be only luxurious products. I will make sure that GST will be made simple or easier. I and my government will ensure that we see and fulfill bigger dreams," said the Prime Minister during his address at Republic Summit.