From a rate cut in real estate sector and cement industry, here is all what you can expect from the 32nd GST Council meeting, chaired by finance minister Arun Jaitley, today.
New Delhi: Chaired by finance minister Arun Jaitley, the 32nd meeting of the GST Council today is expected to discuss issues relating to a rate cut in under-construction flats and cement industry. After the last council meeting in December, Jaitley had said that the next meeting would consider rationalisation of tax rates on residential properties and raising the threshold limit for MSMEs from the current ₹ 20 lakh.
The GST Council is likely to consider lowering Goods and Services Tax (GST) on under-construction flats and houses from 12% at present to 5% without an input tax credit.
What to expect from the GST Council meeting today:
■ GST rate on cement may be reduced to 18% from 28% at present, according to PTI.
■ Exemption threshold for micro, small and medium enterprises can be increased from ₹ 25 lakh at present in the GST meeting, according to PTI.
■ The turnover limit for businesses availing composition scheme may be raised to ₹ 1.5 crore from ₹ 1 crore at present, according to PTI.
■ The composition scheme could be extended to service providers with an annual turnover of up to ₹ 50 lakh, according to PTI.
■ A calamity cess at the rate of 1% may be levied to fund rehabilitation and resettlement process in flood-hit Kerala, according to PTI.
■ With regard to GST on the lottery, currently, state-organised lottery attracts 12 per cent GST, while state-authorised lottery attracts 28 per cent. A final view would be taken as to whether the status quo should continue on GST on the lottery or if there is a scope to tweak it, according to PTI.
■ Commerce minister Suresh Prabhu Wednesday urged the finance ministry to make the process of refund of GST input tax credit online to ensure that the export refund is seamless and also transparent and accountable, according to PTI.
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