Finance Minister Arun Jaitley on Thursday chaired the 32nd meeting of the goods and services tax (GST) Council. Key issues likely to be discussed include lowering of GST rates on under-construction flats and houses to five per cent and raising exemption threshold to Rs 75 lakh from Rs 25 lakh currently.
Other agendas for GST Council meeting include composition scheme for small suppliers, GST rates on lottery and levying a calamity cess.
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Currently, a 12 per cent GST is levied for under-construction property or ready-to-move-in flats where a completion certificate has not been issued at the time of sale. However, GST is not levied on buyers who buy properties on which certificate has already been issued at the time of sale.
The GST Council, in its previous meeting on December 22, 2018, had rationalised the 28 per cent tax slab and reduced rates on 23 goods and services.