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32nd GST council meet begins, these issues are being discussed

New Delhi: The 32nd meeting of the GST Council, chaired by Finance Minister Arun Jaitley has started this morning at 10:30 am. 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.

32nd GST Council Meet

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
  1. Lowering GST on under-construction flats and houses to 5% slab from the current 12% slabRaising the threshold to Rs 75 lakh only for MSMEs from the current limit of Rs 20 lakh
  2. Composition scheme for small suppliers
  3. GST rates on lottery, Currently, state-organised lottery attract 12 % GST, while state-authorised lottery attracts 28%
  4. Levying a calamity cess

This 32nd GST Council Meet can likely be the last meet before the presentation of interim budget for the financial year 2019-2020.



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  BUDGET 2019