The GST Council on Saturday cut rates on 23 commonly used goods and services, including TV screens, video game consoles, digital cameras, video camera recorders, and power banks. Monitors and TV screens up to 32-inches and power banks will attract 18 percent GST, as against 28 per cent earlier. Same is the case with digital cameras and video camera recorders, as well as video game consoles .

The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.

The council rationalised the 28 percent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab.

Briefing reporters after the 31st GST Council meeting in New Delhi, Jaitley said rate rationalisation is an ongoing process.

"28 percent bracket is gradually moving to sunset... The next target will be rate rationalisation in cement as and when affordability improves," he said.

Now, the 28 percent slab is restricted to only luxury and sin goods, apart from auto parts and cement -- tax rates on which could not be cut due to the high revenue implication.

GST on movie tickets costing up to Rs 100 was cut to 12 percent from 18 percent, while tickets over Rs. 100 will attract 18 percent tax, against 28 percent earlier. This will have a revenue implication of Rs. 900 crore.

Here's the full text of the note issued by the GST Council after Saturday's meeting:

GST Council in the 31st meeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through Gazette notifications/ circulars which shall have force of law. GST rate reduction on goods which were attracting GST rate of 28% : 28% to 18% Pulleys, transmission shafts and cranks, gear boxes etc., falling under HS Code 8483

Monitors and TVs of upto screen size of 32 inches

Re-treaded or used pneumatic tyres of rubber;

Power banks of lithium ion batteries. Lithium ion batteries are already at 18%. This will bring parity in GST rate of power bank and lithium ion battery.

Digital cameras and video camera recorders

Video game consoles and other games and sports requisites falling under HS code 9504.

28% to 5% Parts and accessories for the carriages for disabled persons GST rate reduction on other goods,- 18% to 12% Cork roughly squared or debagged

Articles of natural cork

Agglomerated cork 18% to 5% Marble rubble 12% to 5% Natural cork

Walking Stick

Fly ash Blocks 12% to Nil: Music Books 5% to Nil Vegetables, (uncooked or cooked by steaming or boiling in water), frozen, branded and put in a unit container

Vegetable provisionally preserved (for example by sulphur dioxide gas, in brine, in sulphur water or in other preservative solutions), but unsuitable in that state for immediate consumption.

III. GST on solar power generating plant and other renewable energy plants

GST rate of 5% rate has been prescribed on renewable energy devices & parts for their manufacture (bio gas plant/solar power based devices, solar power generating system (SGPS) etc) [falling under chapter 84, 85 or 94 of the Tariff]. Other goods or services used in these plants attract applicable GST.

Certain disputes have arisen regarding GST rates where specified goods attracting 5% GST are supplied along with services of construction etc and other goods for solar power plant.

To resolve the dispute the Council has recommended that in all such cases, the 70% of the gross value shall be deemed as the value of supply of said goods attracting 5% rate and the remaining portion (30%) of the aggregate value of such EPC contract shall be deemed as the value of supply of taxable service attracting standard GST rate. Reduction in GST rates/exemptions on services: GST rate on cinema tickets above Rs. 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 exempted.

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 (i.e. 5% with ITC of input services).

Written with inputs from PTI