GST panel led by Maha Finance Minister to study tax rate on lottery

GSTIn a bid to study the uniform tax rate on lottery, the Goods and Services Tax (GST) Council has constituted an eight-member Group of Ministers led by Maharashtra Finance Minister Sudhir Mungantiwar, said the Finance Ministry in its official communiqué.

As per the current guidelines, a state-organised lottery attracts 12 percent GST while a lottery authorised by state attracts 28 percent tax.

According to the Terms of Reference (ToR) for the GoM, the panel will analyse the level of disparity in tax structure on lottery and decide the uniform rate prescribed for both.

Further, the panel would give its views on the misuse of the lower rate by the private persons authorised by the state and getting benefitted at the cost of the state. The panel would suggest measures to curb it.

It would also examine the issues pertaining to the enforcement including the legal frame work, in a bid to prevent tax evasion on lottery and suggest appropriate tax rate to address the problem.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the BFSI industry. Join Us for 4th BFSI CTO Summit, Mumbai and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.