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The GST Council, headed by the finance minister, in its 31st meeting on Saturday chose to cut rates on 23 commonly used goods and services, which will lead to an annual revenue loss of Rs 55 billion.

The GST Council has also reduced tax rate from 18 per cent to 28 per cent on digital cameras and video camera recorders.

With regard to composition scheme for small suppliers, Jaitley said the response of small service providers getting registered under GST has not been on expected lines.

Cutting the rates on cement and automobile parts would mean a combined revenue loss of Rs 33,000 crore, which the Council felt is "too steep" to be considered at this juncture, Jaitley said.

The industry body observed in the statement that with likely rate cuts on more items in the council's next meeting and the indication that the remaining issues pertaining to GST application and administration would be resolved speedily, the tax regime is set to yield larger gains for the economy. The Government of India has taken various measures to check GST evasion including Intelligence based enforcement; E-Way bill squads; Systematic Analysis of Data and Setting-up of Directorate General (Analytics & Risk Management) among others.

Veteran actor Anupam Kher praised the Narendra Modi-led government for reduction of GST on movie tickets at the recently held 31st GST Council meeting, on Saturday.

GST Council in its next meeting in January would consider rationalisation of tax rates on residential properties and raising the threshold exemption limit for MSMEs from the current Rs 20 lakh. However, for tickets above Rs 100, GST has been reduced to 18 percent.

"I have already given my suggestion to the upcoming GST Council because that (rate) is decided by all the states together", PM Modi said in his address at a function in Mumbai.

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.

The Finance Ministry has time and again asked real estate dealers to pass on GST rate cut benefits to buyers, but to no avail.

"One of the proposals before the Council is to lower the GST rate to 5% for builders who purchase 80%of inputs from registered dealers", an official said.

- According to a BTVI report, Congress ruled states opposed pruning of 28% rate slab at the GST council meeting.

Initially, when GST had just been imposed, on July 1, 2017, there were 226 goods in the 28 per cent slab. Except for 34 items, all other will come down to 18% and below, " Narayanasamy said.