New Delhi: The GST Council meeting held today reportedly decided to impose 28% on all lotteries. The crucial GST Council meeting today chooses to vote for the first time. The voting is sought to finalize a decision to set GST rate on lottery.
The Council would likely to discuss over refund for exporters, rationalization of tax rates applicable on lotteries, back up strained real estate sector.
Government is all set to meet the revenue collections between the state and centre. It also will make efforts to address the woes faced by certain industrialists. The government would likely to impose 2% Cess on certain goods including the items falling between the 5% and 18% slabs. The government hopes to make for the revenue short fall.
The GST council would likely to clarify rates over long term leases avoiding 30 years and more leases. The rates of those long term lease in which Central government has a stake will also be excluded.