38th meeting of GST Council completed, lottery will be charged 28% GST

-

New delhi date. 18 December 2019, Wednesday

The 38th meeting of the GST Council was found today under the leadership of Finance Minister Nirmala Sitharaman. The meeting decided to impose 28% GST on lotteries across the country. 28% GST will be charged on the State Run and State Authorized Lottery. After the meeting, Revenue Secretary Ajay Bhushan Pandey informed. This GST will be applicable to the lottery from March 1, 2020. This is the first time since becoming the GST Council that voting took place.

Apart from this, the Revenue Secretary said that the GST Council has decided to remove the GST on the long-term lease of the industrial plot to help establish industrial parks. He said that since July 2017 it has been decided to exempt those who do not pay GSTR-1.
The 38th meeting of the GST Council has begun under the leadership of Finance Minister Nirmala Sitharaman. This meeting will consider a number of issues, including enhancing the GST Council tax collection. Apart from this, the government can also change the GST rate for lotteries. Upon completion of the meeting, the Finance Minister will inform the decision of the meeting. In the meantime, the government is targeting GST collection of Rs 1.1 lakh crore per month for the remaining four months of 2019-20.

There are also signs of a change in the existing tax slabs of GST. The debate over the change in tax slabs has intensified due to lower revenues than expected. Revenue cuts are being delayed due to states paying compensation. It is noteworthy that under the GST, States have the right to receive revenue compensation in the new tax system if the revenue is less than the 14% increase in revenue annually. The arrangement has been in place for five years.

Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se
Read more