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

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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.

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