The 33rd GST Council Meeting was held on 24th February 2019 under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley in New Delhi. The council meeting concluded with good news for the Real Estate sector of the Indian Economy. Following are the highlights from the meeting:
Shri Arun Jaitley Tweeted, “This will give boost to housing for all & fulfill aspirations of Neo/Middle classes.”
The GST council has decided upon the following recommendations effective 1st April, 2019:
A residential house/flat of carpet area of upto 90 sqm in non-metropolitan cities/towns and 60 sqm in metropolitan cities having value upto Rs. 45 lacs (both for metropolitan and non-metropolitan cities).
Intermediate tax on development right, such as TDR, JDA, lease (premium), FSI shall be exempted only for such residential property on which GST is payable.
Advantages of the recommendations made
The following advantages have been taken into consideration by the Council while approving the new tax rate in principle:-
Details of the scheme shall be worked out by an officers committee and shall be approved by the GST Council in a meeting to be called specifically for this purpose. Furthermore, GST Council decided that the issue of the tax rate on lottery needs further discussion in the GoM constituted in this regard.
You may read about the previous (32nd ) GST Council Meeting here.
IRIS Business is a leading GST Suvidha Provider (GSP) providing an easy and efficient solution for GST (IRIS Sapphire) and E-way bill (IRIS Topaz) compliance. To have your GST queries solved and to know more about our solution, please contact us at firstname.lastname@example.org