January 10 date set for GST meet
The GST Council is slated to meet on January 10 to discuss lowering the GST on under-construction flats and houses to 5 per cent as well as hiking the exemption threshold for small and medium enterprises.
The council, in its previous meeting in December, had rationalised the 28 per cent tax slab and reduced rates on 23 goods and services.
“The next meeting is scheduled for January 10,” an official told PTI.
This would be the 32nd meeting of the council, which is chaired by finance minister Arun Jaitley and comprises his state counterparts.
Briefing reporters after the recent council meeting, Jaitley had said that the next meeting would consider the rationalisation of tax rates on residential properties and raising the threshold for MSMEs from the current Rs 20 lakh.
The council would also consider a composition scheme for small suppliers, apart from discussing levying a calamity cess as well as GST rates on lottery.
The GST Council is likely to consider lowering the GST on under-construction flats and houses to 5 per cent, an official said.
At present, the goods and services tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale. However, the GST is not levied on buyers of real estate properties for which completion certificate has been issued at the time of sale.