New Delhi: The 32nd meeting of the GST Council, chaired by Finance Minister Arun Jaitley will be held tomorrow. The discussions would focus on lowering GST on under-construction flats and houses to 5 per cent and hiking exemption threshold for small and medium enterprises.
Finance Minister Arun Jaitley
Currently GST rate with respect to under-construction flats and houses and ready to move-in flats, where completion certificate is not issued at the time of sale, are taxable at 12 per cent. Also in the current scenario, businesses with a turnover of up to Rs 20 lakh are exempted from GST.
The following issues could find an agenda in the meet
Lowering GST on under-construction flats and houses to 5% slab from the current 12% slab
Raising the threshold to Rs 75 lakh only for MSMEs from the current limit of Rs 20 lakh
Composition scheme for small suppliers
GST rates on lottery, Currently, state-organised lottery attract 12 % GST, while state-authorised lottery attracts 28%