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GST Council Meet Today: Decision On GST On Affordable Housing, Cement Likely

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GST Council in its meet on Wednesday will take up and decide the rate for affordable housing segment for which the group of Ministers panel headed by Gujarat Deputy Chief Minister Nitin Patel has favoured a rate of 3% as against current 8%. Also, the Council will bring the GST rate on cement down to 18% from 28% to give a boost to the real estate sector.

 

GST Council Meet Today: Decision On GST On Real Estate Likely

Also, another panel that proposed uniform GST rate on lottery, a final call of whether the rate would be kept at 18 or 28% will be taken today.

In the current scenario, a state-organised lottery attracts 12% GST while a state-authorised lottery attracts 28% tax.

The impetus is being given by the government closely to the real estate sector just ahead of the Lok Sabha elections due in April-May.

In the meet, the scope of affordable housing segment can be broadened to include more people under the 3% tax bracket. The carpet area of 50 square meters which forms the basis of affordable housing is likely to be increased to 80 square metres.

GoodReturns.in

Story first published: Wednesday, February 20, 2019, 10:30 [IST]
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