Current Affairs - Economy - Discussion

The Goods and Services Tax (GST) Council fixed a uniform tax rate of 28% on both state and private lottery. The 38th GST Council was chaired by the Union Finance Minister Nirmala Sitharaman in New Delhi. The new rate for the lottery will be effective from March 2020.The GST Council rationalized the tax rate on woven and non-woven bags to 18%. Exemptions have been given on long-term lease for industrial plots. It aims to facilitate the setting up of industrial parks. The panel reduced the levy of penalty for non-filing of GSTR-1 from July 2017.