Goods and Services Tax (GST) Council chaired by Finance Minister Nirmala Sitharaman on Wednesday decided to impose single rate of 28 per cent tax rate for state-run and private lotteries. The GST Council also decided to rationalize tax rate on woven and non-woven bags to 18 per cent, Revenue Secretary Ajay Bhushan Pandey said.
Briefing reporters after the 38th meeting of the Council, Revenue Secretary Ajay Bhushan Pandey said the new rate for lottery will come into effect from March 2020.
In a relief to taxpayers, the council announced late fee waiver for all taxpayers if their refunds are filed by January 10 and levy of penalty was also relaxed for non-filing of GSTR-1 from July 2017, revenue secretary said.
GST Council also decided to exempt long term lease on industrial plots to facilitate setting up of industrial parks, Mr Pandey added.