33rd GST Council Meeting Today 20-Feb-2019 - GST NEWS

33rd GST Council Meeting Today 20-Feb-2019 - GST NEWS

GST council meeting will begin at 12 o'clock. Those who buy the house can get a big gift in this meeting. In fact, a panel of the Group of Ministers (GoM), built on real estate, is in favor of reducing the GST rate to 5% on under construction construction residential properties, which is currently 12%. Apart from this, GST can also be reduced on the under construction property. A similar GST can be decided on the same lottery.

GOM has already held meetings in this regard to make the real estate sector and home buyers relieved. Different aspects were discussed in that meeting. After a two-day meeting, GOM submitted its recommendations to GST Countisel.

Affordable housing can also get relief - the government is also looking to provide relief on Affordable Housing. GOM is also in favor of imposing 3% GST on Affordable Housing. Even if there is 3% GST, the input tax credit will not be used. At present, Affordable Housing is 8% GST. In this case, it is expected to cut 5%. These recommendations are expected to be discussed in the GST Council meeting.

On the lottery, a similar GST - on the other hand, the Group of Ministers advocated putting a similar GST on the lottery. 18 or 28% GST can be leveraged on the lottery. At present, the state sponsored lottery is 12% and 28% GST on the lottery run by the state's sanction. The Group of Ministers, headed by Finance Minister Sudhir Mungantiwar, suggested to increase the GST from 18% to 28% on the lottery.

GST Council formed a group of Ministers for Real estate Sector headed by Gujarat Chief Minister Nitin Patel. This group has taken the favor of reducing the GST rate without input tax credit to 5% on households. Now a ready flat where the certificates of completion are not met, they are charged 12% GST.

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