India

GST Council finalises lottery, hospitality tax rates

June 18, Sunday : In Seventeenth Goods and Service council meeting chaired by Finance Minister, Arun Jaitley the panel finalised lottery and hospitality tax rates. Besides this it also gave green chit to anti-profiterring and e-way.

In hospitality industry, rooms with tariff above Rs 7,500  will come under 28 per cent slab, while hotel rooms ranging between Rs 2,000 and Rs 7,500 will attract 18 per cent GST.

State run lotteries will come under the cap of  at 12% and state authorised lotteries will be taxed at 28 percent.

While addressing media, Jaitley ended all the speculation made over deferment of  Goods and Service tax regime from July 1st by saying, all in one tax will be implement on its scheduled date.

He said official launch of the GST is all set to take place on the midnight of June 30th and July 1st during an event.

To make hassle free payments, after the implementation of GST people would able to pay tax on a simple return in first months.

Finance Ministers belonging to different states and union territories are also attend the meeting.

Earlier, in Last meeting, the council revised the rates of 66 items out of the 133 for which representations had been received seeking change from the fitments originally made in the four-slab indirect tax structure.

The council will next meet on June 30.

Wefornews Bureau

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