GST Rates Current Affairs, GK & News

GST Rates  Current Affairs, GK & News

In a first, GST Council fixes 28% uniform tax rate for lottery

In a first, the Goods and Services Tax (GST) Council meeting resorted to voting to decide on an issue, as all the earlier decisions by GST Council had been taken through consensus. The controversial issue of GST rate for lotteries was decided on basis of voting, with the GST Council headed by Finance Minister Nirmala ..

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Finance Minister chairs GST Council Meeting

On December 18, 2019, Finance Minister Nirmala Sitaraman chaired the GST Council Meeting in New Delhi. The meeting was held to address the backdrop of falling collections for the current fiscal. Highlights For the first time, the council has used voting process and has voted to tax lotteries under the highest slab of 28%. The ..

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GST council reduces Tax rates on Housing

The GST council has decided to slash the tax rate on under-construction residential properties and the affordable housing projects category. Decision of GST council The GST council has reduced the GST rate for under construction from the present 12 per cent to 5 per cent. The GST rate for affordable housing category is now 1 ..

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GST Council Announces GST Rates

The GST Council headed by finance Minister Arun Jaitley has finalised tax rates and has approved all the seven rules for the GST regime that is scheduled to be implemented from July 1. The remaining two rules of the GST pertaining to transition and return is under the examination of the legal committee. In total, the council has fixed ..

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Lok Sabha passes 4 GST Bills

Lok Sabha has passed four Bills relating to the implementation of the Goods and Services Tax (GST). It paves way for implementing a new, consolidated indirect tax regime from the proposed date of July 1, 2017. The four bills passed were Central GST Bill, Integrated GST Bill, GST Compensation Bill, and the Union Territory GST ..

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