GST COUNCIL MEETING ON TUESDAY 19TH MRACH 2019
The GST Council has to hold the 34th meeting on Tuesday (March 19th). It is expected to discuss various issues including implementation of low rates of GST for the real estate sector. Sources said that only those issues will be discussed in the meeting on which decisions have been taken and they have to be implemented.
The rates of GST for the real estate sector have been reduced, the issues related to their implementation are likely to be discussed. He said that due to the implementation of ethics, any issue related to the changes in the rates is not in the agenda of the meeting.
In the last meeting (February 24), GST Council reduced the rate of GST on the under construction flats to five percent and reduced the rates on cheap housing to 1 percent. New rates will be effective from April 1. Sources said that this meeting of the council is expected to give approval for the new rules related to the real estate sector.
There can be a consensus in this about where the builder can utilize the input tax credit (ITC) for the taxes paid on raw materials and services in settling their final tax liability, as the real estate sector from April 1st, the new tax system Will grow towards
Currently, under construction or ready house for which the work certificate has not been received, the buyers have to give GST at the rate of 12 percent. It is 8 percent for affordable homes.
In February, the GST collection fell to Rs 97,247 crore, compared to Rs 1.02 lakh crore in January. In the total GST of Rs 97,247 crores, Central GST (CGST) collection was Rs 17,626 crores, State GST (SGST) Rs 24,192 crores and unified GST (IGST) Rs 46,953 crores and cess Rs 8,476 crores.
GST collection of Rs 10.70 lakh crore has been collected in the current financial year till February. In the revised estimate, the government reduced the GST collection target for the current financial year to Rs 11.41 lakh crore. In the budget of 2018-19, it was estimated to be worth 13.71 lakh crore rupees.
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