GST Council Meeting Updates: Exemption limit hiked for small traders; More details here
GST council meeting: The Goods and Services Tax Council met today to discuss lowering GST on under-construction flats and houses to 5 per cent, as well as hiking exemption threshold for small and medium enterprises.
GST council meeting: The Goods and Services Tax Council met to discuss lowering GST on under-construction flats and houses to 5 per cent, as well as hiking exemption threshold for small and medium enterprises. Finance minister Arun Jaitley is chairing the meeting. In its previous meeting on December 22, 2018, the Council had rationalised the 28 percent tax slab and reduced rates on 23 goods and services. This is the 32nd meeting of the council chaired by Finance Minister Arun Jaitley and comprises his state counterparts. Briefing reporters after the last council meeting, Jaitley had said the next meeting would consider rationalization of tax rates on residential properties and raising the threshold limit for MSMEs from the current Rs 20 lakh.
Check this space for updates on GST Council Meeting January 2019
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GST council meeting January 2019: Composition scheme for small suppliers expected
GST council meeting January 2019: The GST council is expected to consider today a composition scheme for small suppliers, apart from discussing levying a calamity cess as well as GST rates on the lottery. Currently, the Goods and Services Tax (GST) is levied at 12 percent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale. However, GST is not levied on buyers of real estate properties for which completion certificate has been issued at the time of sale. (File photo/PTI)
More updates on the GST council meeting outcome soon...