Jaitley said the council had discussed fitment committee recommendations on rate rationalisation. Monitors and TV screens up to 32-inches and power banks will attract 18 percent GST, as against 28 per cent earlier.
Services supplied by the banks to Jan-Dhan account holders to be exempted from GST.
At the next meeting in January, the Council will also look at the report submitted by respective GoMs on the nature and shape of calamity tax proposed and threshold limit of exemption under GST for the MSME sector.
The Council also approved the creation of a centralised Appellate Authority for Advance Ruling (AAAR) to deal with cases of conflicting decisions by two or more state AAARs on the same issue.
The council also made a decision to form a seven-member group of ministers (GoM) to study the revenue trend, including analyzing the reasons for structural patterns affecting revenue collection in some states.
PM Modi had indicated that the 28 per cent slab of GST would only be restricted to a few select items, such as luxury goods.
Approving the recommendations made during the meeting today, the GST Council has chose to reduce GST levied on cinema tickets priced up to Rs 100 from 18 per cent to 12 per cent. Film tickets priced above Rs 100 will attract GST at a rate of 18 per cent, instead of the earlier 28 per cent.
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"The original demand by Congress that all goods should come down to 18 per cent and below except luxury items has been agreed by the Government". "After the meeting, Puducherry Chief Minister V Narayanasamy said that "(Many) items have come down from 18% to 12% and 5% as they are common man's consumption goods".
He also said that the tax on other sinful items such as cement, air-conditioners, large screen televisions and a handful of others could also be reduced as revenues rise.
GST on movie tickets costing up to Rs 100 was cut to 12 percent from 18 percent, while tickets over Rs. 100 will attract 18 percent tax, against 28 percent earlier.
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The council felt that the trimming of these rates could be "too steep at the moment", Jaitley said, adding that air conditioners and dish washers continue to remain at the top slab because these items are mostly used by the affluent segment of the society.
The council has chose to grant Rs 60,000 crore in compensation to all states for the losses incurred due to the new tax regime for the following year, Bloomberg Quint reported. "Thus within a record period of thirteen months, the GST Council has nearly phased out the 28% category".