Finance Minister Arun Jaitley today said GST of 6 items reduced from 28 percent to 18 percent slab. Briefing media on decisions taken in GST Council Meeting in Delhi, Mr Jaitley said these items include TV, tyre, power bank and video games.

He said, now 28 percent slab rate is applicable only on 28 items, which are luxury items like cement, auto parts, AC and dishwasher.

Accessories for carriages for specially abled persons have been brought down to five percent. The Finance Minister said GST on movie ticket up to 100 rupees has been brought down to 12 percent and above 100 rupees has been brought down to 18 percent from 28 percent.

GST rate on special flights for pilgrims has been lowered for economy at 5 percent and business class at 12 percent.

The services supplied by the banks to Jan-Dhan account holders will be exempted from GST. The new GST rates will be effective from 1st January next year.

Mr Jaitley informed that the Law Fitment Committee will take a view on GST on real estate in the next meeting.

The GST Council meeting has also approved proposal to form a seven 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.