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of <h1>GST Council Finalizes Rules, Sets Lottery Tax Rates, Exempts Small Transactions from Reverse Charge Compliance.</h1> The 17th GST Council meeting, chaired by the Union Finance Minister, discussed several key agenda items. The Council confirmed the minutes of the previous meeting after incorporating amendments and comments from various state representatives. It approved draft GST rules for Advance Ruling, Appeals, Assessment, Audit, E-Way Bill, and Anti-profiteering, with some modifications. The Council deliberated on GST rate adjustments for specific items, including lotteries and shipping vessels, and resolved to tax state-run lotteries at 12% and state-authorized lotteries at 28% of face value. It also decided to exempt small daily transactions from reverse charge compliance and authorized 24 banks for GST collection. The Council discussed extending deadlines for filing GST returns to allow businesses to adapt to the new system and agreed on hotel room tax rates. The next meeting was scheduled for 30 June 2017 to coincide with the GST rollout event.
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