New Delhi: The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman, here yesterday. The meeting was also attended by the Union Minister of State (MoS) for Finance & Corporate Affairs, Anurag Thakur, besides Finance Ministers of States & UTs and senior officers of Ministry of Finance.
The GST Council recommended the exemption of 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 of Central or State Government. This change shall become effective from 1 January 2020.
The Council also recommended levying a single rate of GST at 28% on both State run and State authorized lottery. This change shall become effective from 1 March 2020.
The GST Council considered the rate of GST rate on Woven and Non-Woven Bags and sacks of polyethylene or polypropylene (both being types of plastics commonly used in bags) strips or the like, whether or not laminated, of a kind used for packing of goods (HS code 3923/6305) in view of the requests received post the changes recommended on such goods in last meeting and recommended to raise the GST to a uniform rate of 18% (from 12%) on all such bags falling under HS 3923/6305 including Flexible Intermediate Bulk Containers (FIBC). This change shall become effective from 1 January, 2020.
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