India- 28% GST to be levied on lotteries from March 1, 2020
Date
2/25/2020 2:18:54 PM
(MENAFN- KNN India) 28% GST to be levied on lotteries from March 1, 2020
New Delhi, Feb 25 (KNN) Starting March 1, 2020, as much as 28% Goods & Services Tax (GST) will be levied on lotteries. The decision was taken by the GST Council which decided to impose a single rate of 28% on state-run and authorized lotteries in December 2019.
The Central Tax rate for the supply of lotteries has been amended to 14% and a similar percentage will be levied by the states. This will take total GST incidence on lotteries to 28%.
As per the revenue department notification, 'This notification shall come into force on the 1st day of March 2020.
As of now, a state-run lottery attracts 12% GST, while a state-authorized lottery attracts 28% tax.
There were demands that a uniform tax rate should be imposed on lotteries following which a group of ministers was set up to suggest the GST rate. Following this, the GST Council in December voted for a single rate of 28% on the supply of lotteries. (KNN/SS)
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