Election Commission's Approved for GST Council meeting on 19 March 2019 - GST NEWS

Election Commission's approved for GST Council meeting on 19 March 2019 - GST NEWS

The Election Commission approved the GST Council's meeting on 19 March. In the forthcoming meeting of the council, there is a need to implement low rates of commodity and service tax (GST) for real estate sector and other urgent issues. Sources said that the next meeting is going through video conferencing.

Sources said that after getting the approval for the meeting from the Election Commission, the information was sent to the states on March 19, the 34th meeting of the council on behalf of the GST Council Secretariat. The approval of the Election Commission for this meeting was therefore necessary that the Model Code of Conduct is effective from Sunday. Sources said that this meeting will be done only to consider transition provisions and related issues to implement low rates of GST for Real Estate Sector.

At the last meeting of the GST Council, this rate was reduced to one per cent for reducing the GST rate for the under construction flats, for five per cent and affordable category houses. New rates will be effective from April 1. At present, the GST rate is 12 percent for the construction of flats under construction, as well as the provision of input tax credit (ITC). This system is also for such ready-to-move-in flats, for which compliance certificates have not been issued at the time of sale. Now the GST rate is 8% for the residential unit coming in the affordable category.

GST recovery has come down to Rs 97,247 crore in February, from Rs 1.02 lakh crore in January. In the recovery in February, Central GST was Rs 17,626 crore, State GST Rs 24,192 crore, Integrated GST of Rs 46,953 crore and Cess 8,476 crore. Total GST collections in the current financial year up to Rs 10.70 lakh crore in the month of February. In its revised estimates, the government has reduced GST collection target for the current financial year to Rs 11.47 lakh crore, which was earlier Rs 13.71 lakh crore. GST recovery target for the financial year 2019-20 has been kept at Rs 13.71 lakh crore.

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