New Delhi: In a big relief to common man, the 31st Goods and Service Tax (GST) Council meeting on Saturday cut rates of 33 items from 18 per cent to 12 per cent and 5 per cent. Besides, seven items have been moved from the 28 per cent slab to 18 per cent. Also Read - Late Arun Jaitley's Son Rohan Files Nomination For DDCA President's Post

Addressing reporters, after the meet at Vigyan Bhawan, Finance Minister Arun Jaitley said,”28% slab rate is only applicable on 34 items now. Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%.” Also Read - GST Shortfall at Rs 2.35 Lakh Crore: Only Act of God May Result in Contraction of Economy, Says Sitharaman

“Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%,” Jaitley added. Furthermore, he stated that the services supplied by the banks to Jan-Dhan account holders will also be exempted from GST. The new tax rates will be effective from 1st January 2019. Also Read - 'Miss my Friend a Lot,' Says PM Modi on 1st Death Anniversary of Arun Jaitley; Many Political Leaders Pay Tribute

Producers Guild of India has hailed the decision of government to reduce GST on cinema tickets as a “progressive step” which will help the industry “move forward positively.” According to a statement, the Guild is happy with the reduction of GST on film tickets, exceeding Rs 100 to 18 percent from 28 percent and up to Rs 100 to 12 percent from 18 percent.

“This will help the industry move forward positively with increased investments in both exhibition infrastructure and creative development, enabling even better cinema and greater screen density across the country. “We look forward to continuing to engage with the government on initiatives that will help to unleash the full potential of the film industry,” Siddharth Roy Kapur, President of Producers Guild of India said in a statement.