GST Council’s decisions On Rate Changes

INN/Delhi,@infodeaofficial

GST Council has recommended exemption of upfront amount payable for long term lease of industrial, financial infrastructure plots by an entity having 20 percent or more ownership of Central or State Government.

Presently, the exemption is available to an entity having 50 percent or more ownership of Central or State Government. This change shall become effective from 1 January, 2020.

The recommendations were made during the 38th meeting of the GST Council recently. It took place under the chairmanship of the Union Minister for Finance and Corporate Affairs Nirmala Sitharaman.

The council also suggested to levy a single rate of GST at 28 percent on both state run and State authorized lottery. This change shall become effective from 1 March, 2020.

The meeting was also attended by the Union Minister of State for Finance and Corporate Affairs Anurag Thakur along with Finance Ministers of States and Union Territories and senior officers of Ministry of Finance.