CURRENT AFFAIRS

Detailed explanation-1: -The Goods and Services Tax or GST Council has fixed a uniform tax rate of 28 per cent on both state-run and private lottery.

Detailed explanation-2: -Detailed Solution. The correct answer is 28%.

Detailed explanation-3: -The GST rate on state-run lottery programme is 12%. Thus, Price before GST = (112 * 100) / (100 + GST rate) = (112*100) / (112) = INR 100 Thus, taxable value = INR 100 GST amount = INR 12.

Detailed explanation-4: -The genesis of the introduction of GST in the country was laid down in the historic Budget Speech of 28th February 2006, wherein the then Finance Minister laid down 1st April, 2010 as the date for the introduction of GST in the country.