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Gst Council May Consider Implementation Of Lower Tax Rates For Real Estate

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By Author: Manoj Gehlawat
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The all-powerful GST Council in its 34th meeting to be held Tuesday is expected to take up several issues on priority including the implementation of lower Goods and Services Tax (GST) rates for the real estate sector.

The meeting is likely to deliberate only the transition provision and related issues for the implementation of lower GST rates for the real estate sector, sources said, adding, no issues related to rate is in the agenda as the model code of conduct is in force.

The previous meeting held on February 24 saw the Council slash tax rates for under-construction flats to five percent and affordable homes to one percent from April 1, 2019.

GST Council is also expected to give its nod on new rules for determining how much credit builders can use against taxes paid on raw materials and services in settling their final tax liability as the sector shifts to a new tax regime from April 1, sources told news agency PTI.

Currently, the goods and services tax (GST) is levied at 12 percent with an input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats where completion certificate is not issued at the time of sale.
For affordable housing units, the existing tax rate is 8 percent.

The new rules are expected to specify under what circumstances sale transactions initiated in the current tax regime but concluded after April 1, will be eligible for Input Tax Credit on taxes paid on raw materials and services.

GST collections in February failed to touch the Rs 1 lakh crore, forcing the government to lower its GST collection target for the current fiscal to Rs 11.47 lakh crore in the Revised Estimates from 13.71 lakh crore budgeted earlier.

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