Finance Minister Arun Jaitley told reporters that the reduced rates are likely to come into effect from January 1, 2019.
After this decision, only 28 goods are left in the highest 28 per cent slab.
Luxury and sin goods as well as mass use items like cement, air conditioners and dishwashers are left in the 28 per cent slab.
Here is the list of items that will get cheaper:
GST slashed from 28 percent to 18 percent
Movie tickets over Rs 100
Monitors and television screens
Pulleys, Transmission shafts and cranks, Gear Boxes
Tyres, power banks of Lithium-ion batteries
Digital Cameras, Video camera recorders, video game consoles
GST slashed from 18 percent to 12 percent
Movie tickets up to Rs 100
Third party insurance
GST slashed to 5 per cent
Parts and accessories for the carriages for disabled persons
Solar power plants and other renewable energy items
Exempted from GST
Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) will be exempted.
Services supplied by rehabilitation professionals recognised under Rehabilitation Council of India Act, 1992at medical establishments, educational institutions, rehabilitation centers established by Central Government / State Government or Union Territories or entity registered under section 12AA of the Income-tax Act will be exempted.
Services provided by GTA to Government departments/local authorities which have taken registration only for the purpose of deducting tax under Section 51 shall be excluded from payment of tax under RCM and the same will be exempted.
Exemption on services provided by Central or State Government or Union Territory Government to their undertakings or PSUs by way of guaranteeing loans taken by them from financial institutions is being extended to guaranteeing of such loans taken from banks.