GST Council to Meet Today, May Announce Rate Cut for Real Estate

GST Council to Meet Today, May Announce Rate Cut for Real Estate

Image result for GST Council to Meet Today, May Announce Rate Cut for Real EstateNew Delhi: The GST Council is expected to announce a cut in the Goods and Services Tax (GST) for real estate as well as address the issue of tax rate on lottery at its meeting on Sunday.

A panel of ministers on real estate sector led by Gujarat deputy chief minister Nitin Patel had suggested bringing down the rates on under-construction properties to 5 per cent, without input credit, from 12 per cent and for affordable housing, 3 per cent from 8 per cent.

The move was not implemented as non-BJP ruled states had opposed announcing of the decision in their absence in the last meeting, held through video conference. Interim finance minister Piyush Goyal had favoured a cut in tax rates for real estate.

A PTI report had said that the move would boost buying of under-construction houses as the current GST rates forced buyers to go for ready-to-move-in properties.

Meanwhile, the meeting is also expected to address the issue of tax rate on lottery. A panel headed by Maharashtra finance minister Sudhir Mungatiwar has recommended a uniform rate of 18 per cent or 28 per cent on lottery.

[“source=news18”]