GST Council fixes 28% uniform tax on state & private lotteries through voting
By MYBRANDBOOK
The GST Council for the first time took recourse to voting to decide on the issue as it fixed a uniform tax rate of 28 percent on both state and private lotteries.
In two-and-a-half years of its existence, the GST Council, headed by the Union Finance Minister and comprising representatives of all states and UTs took their decision unanimously in the previous 37 meetings. Even in issues like fixing of tax rates on dozens of goods and services, the Council never took to voting.
However, when the issue of levy of GST on lottery came up at the 38th meeting of the Council, the consensus remained elusive, which led to a vote being taken to decide on the issue.
Briefing reporters after the meeting of the Council, Revenue Secretary Ajay Bhushan Pandey said the new rate for lottery will come into effect from March 2020.
The Council meeting, chaired by the Finance Minister Nirmala Sitharaman, also rationalised tax rate on woven and non-woven bags to 18 percent. Ajay Bhushan said that exemption has been given on long-term lease for industrial plots to facilitate setting up of industrial parks.
It was recommended to raise the GST to a uniform rate of 18 percent from 12 percent on all such bags falling under HS 3923/6305 including Flexible Intermediate Bulk Containers (FIBC), he said, adding this change shall become effective from 1 January 2020.
The panel also relaxed levy of penalty for non-filing of GSTR-1 from July 2017, he said.
Presently, the exemption is available to an entity having 50 percent or more ownership of Central or state government.
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
TAC SECURITY SOLUTIONS
FINOLEX INDUSTRIES LTD.
HP INDIA SALES PVT. LTD.
TEJAS NETWORKS INDIA PVT. LTD.
Technology Icons Of India 2023: Deepinder Goyal
Deepinder Goyal is the Founder and CEO of Zomato. Deepinder, or Deepi,...
Technology Icons Of India 2023: Debjani Ghosh
Debjani Ghosh is the first woman president of NASSCOM (the umbrella bo...
Technology Icons Of India 2023: Mukesh D. Ambani
An Indian billionaire businessman Mukesh Dhirubhai Ambani is currently...
HPCL is transforming the energy landscape, across the nation and beyond
HPCL is world-class energy company known for caring and delighting the...
Aadhaar: Architecting the World's Largest Biometric Identity System
The Unique Identification Authority of India (UIDAI) is a statutory au...
DRDO is India's largest and most diverse research organisation
DRDO is the R&D wing of Ministry of Defence, Govt of India, with a vis...
SUPERTRON ELECTRONICS PVT. LTD.
Supertron deals in servers, laptops, components, accessories and is a...
BEETEL TELETECH LTD.
: Beetel is one of the oldest and most reputed brands in the Industry,...
SONATA INFORMATION TECHNOLOGY LIMITED
Sonata Software Limited is a leading Modernization engineering company...