New Delhi: At the 38th meeting of the GST Council chaired by Finance Minister Nirmala Sitharaman, it was decided to exempt upfront amount payable for long term lease of industrial/ 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 the Central or State Government. This change shall become effective from 1st January, 2020.
A decision was also taken to levy a single rate of GST @ 28% on both State-run and State-authorized lottery. This change shall become effective from 1st March, 2020.
The Council also considered the rate of GST rate on Woven and Non-Woven Bags and sacks of polyethene or polypropylene 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 1st January 2020.
The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Anurag Thakur besides Finance Ministers of States & UTs and senior officers of Ministry of Finance.