New GST rate reduction will have impact of Rs 5500 Cr on revenue: FM Jaitley

Union Finance Minister Arun Jaitley briefed the media post the 31st meeting of the GST Council on Saturday. Speaking on the decisions made during the meeting, the Finance Minister said, “The Law Fitment Committee will take a view on GST on real estate in the next meeting. There is a consensus that something needs to be done on this. Another decision was that the services supplied by the banks to Jan-Dhan account holders will be exempted from GST.” He further announced that, “Today’s GST rate reduction will have an overall impact on revenue of Rs 5500 Crore.” All the new GST rates will be effective from January 01, 2019.

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