The Goods and Services Tax, GST Council approved to increase the rate for lotteries. A single GST rate of 28% will be imposed on state-run and private lotteries.
Revenue Secretary Ajay Bhusan Pandey said, the council has decided to rationalise GST rate on Oven and Non-Oven Bags to 18%. The rates on lottery and oven and non-oven bags will be effective from 1st March next year.
The Revenue Secretary says, states made representations on revenue augmentation, rate structure and compensation needs of states.
The GST council also decided to free from upfront amount payable for long term lease of industrial and financial infrastructure plots by an entity having 20% or more ownership of Central or State Government.
Presently the exemption is available to an entity having 50% or more ownership. It will be effective from 1st of next month.