38th GST Council Meeting decisions on 18.12.2019

By | December 18, 2019
(Last Updated On: December 18, 2019)

38th GST Council held on 18.12.2019


The 38th GST Council has voted for the first time since it was constituted to decide on having a single rate on lotteries. The single rate of 28 per cent will come into effect from March 1, 2020, reports said.

The GST Council meeting in New Delhi was chaired by finance minister Nirmala Sitharaman.

At present, lotteries run by state governments attract 12% GST while those authorised by them and sold outside the state are taxed at 28%.

Here are some of the major announcements:

*Deadline for GSTR 9 and GSTR 9C return filing for 2017-18 extended till January 31, 2020 from December 31, 2019 earlier.

*GST Council exempts long term lease on industrial plots to facilitate setting up of industrial parks

*Land lease GST rates to be applicable from January 1, 2020

*Presentation made before the Council on augmentation of revenue collection

*Penalty for non-filing of GSTR-1 from July 2017 relaxed

*Uniform rate of 18% for woven and non-woven bags

The Council will also take up the matter of revenue augmentation.

 

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