In a relief to the common man, the GST Council Saturday cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks.

In a relief to the common man, the GST Council Saturday cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks.

The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said. The council rationalised the 28 per cent 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 here, Jaitley said rate rationalisation is an ongoing process.

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

Also read: GST Council cuts rates on 23 items, to have revenue impact of Rs 5500 crore annually

Now, the 28 per cent 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.

Full list of items whose GST rates have been revised follows:

(Inputs from agencies)