GST Council clears anti-profiteering, e-way bill rules, sets tax rate for lottery tickets

By: |
New Delhi | Updated: June 18, 2017 5:36:20 PM

According to sources the Goods and Services Tax (GST) Council has cleared anti-profiteering and e-way bill rules.

GST, goods and services tax, GST news, GST latest, GST Council, GST, tax rate Council has set tax rate on state-run lotteries at 12 percent and government authorised lotteries at 18 percent. (Source: PTI)

The Goods and Services Tax (GST) Council has cleared anti-profiteering and e-way bill rules, sources have told news wire service PTI. After the meet, Finance Minister Arun Jaitley said that state-run lotteries will be taxed at 12% of the face value and state authorised lotteries would be taxed at 28%. The council made the decisions during its 17th meeting according to the Indian Express. The GST Council had in April drafted the e-way bill which made it necessary for all movement of goods valued at over Rs 50,000, to be registered with the GST-Network (GSTN). The council is now expected to float a Request for Proposal (RFP) to rope in an IT partner. The draft of the RFP was in the public domain for feedback till June 7, according to an Indian Express report.

The draft bill had stated that the GSTN would generate bills that would be valid for 1 to 15 days. The duration of the challan, as per the draft bill, could last anywhere from 1 to 15 days. The bill would last for 1 day for a journey of 100 kilometres and 15 days for a distance of over a 1,000 kilometres, as reported by the Indian Express.

You can also watch

Industry had expressed concerns over the content of the draft bill. Sections of the industry had said that the Rs 50,000 limit was very low and that the timeline stated for the completion of the transportation operation was not practical. Another complaint from industry was that the e-way bill was applicable for all types of goods and that there was no distinction in the bill between articles which were evasion prone or not, according to the Indian Express.

(More details awaited)

Do you know What is Repo Linked Lending Rate (RLLR), Wholesale Price Index (WPI), Public Debt, Finance Commission Grants & Other Transfers, Economic Survey? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.