Looking for a business loan
Thank you for your interest, our team will get back to you shortly
Thank you for your response
Thank you for your response
Our representative will get in touch with you shortly.
Save upto 7% in taxes
Claim 100% ITC and save ~4% GST
3x faster experience
Save 2 man days every GSTIN month
Easy to connect
Connect with 100s of ERP's, import data error-free
33rd GST Council meeting happened on 24th February 2019 (Sunday) –The Council meeting came to an end after heavy theatrics. The Council was initially supposed to meet on the 20th Feb 2019 via video conferencing but was later deferred to 24th Feb 2019 to meet at Delhi, post the refusal by some state FMs. With the general elections around the corner, it was highly speculated that the meeting would be politically driven. The sops announced by the GST Council will boost the real estate selling henceforth and monitor one of the most unregulated sectors in India, by ensuring that the rate cut benefits are passed on to the neo and middle-class home buyers.
The agenda of the 33rd GST Council meeting covered ‘Under-Construction Housing’ sector and ‘Private Lottery Distribution’.
Latest Updates
16th December 2022
48th GST Council Meeting is scheduled on 17th December 2022, Saturday. This meeting is happening after a gap of five months ahead of the Union Budget 2023, slated to be presented on 1st February 2023.
24th June 2022
The 47th GST Council meeting was held on the 28th and 29th of June 2022 in Chandigarh. Union FM Nirmala Sitharaman chaired this meeting and made recommendations to revise rates for revenue augmentation and correction of inversion while pruning the GST exemption list. Compliance relief was granted to e-commerce suppliers and composition taxpayers.
The previous meeting- 32nd GST Council meet happened at Delhi on 10th January 2019 and chaired by the FM Arun Jaitley. Catch all the highlights of the 32nd GST council meeting that lays down the base for this GST council meeting.
The FM announced a rate cut for the under-construction properties covering the residential segment as follows:
No rate cuts were discussed for Cement, which is currently being charged a GST at the rate of 28%.
No rate cuts were discussed for Cement, which is currently being charged a GST at the rate of 28%.
Issues studied by GoM to boost Real estate
Proposal placed before the council to reduce the rates for under-construction homes. It has been proposed to reduce to 5% from 12% and to 3% from 8% in the case of affordable housing. In both cases, the Input Tax Credit (ITC) will not be available. One of the primary issues that builders currently face is that the balance ITC remains unutilised due to the high tax rate on cement and other raw materials. ITC is more when compared to tax liability. Hence, there attracts a need for applying GST refund -a process which is yet to stabilise.
One of the much-asked demands of the industry is to cut the GST Rate charged the sale of Cement. Cement is the basic raw material in the construction sector and a necessity for building homes. It is supposedly positioned at the 5th- to be an essential material accounting for the construction costs in India. Therefore, the issue on taxability of Cement garnered GST Council’s attention after multiple requests of the Cement Manufacturers Association India.
Compensation for taxes other than the basic customs duty (BCD) is not given to the exporters under the GST regime. Accordingly, it affects their competitiveness. GST Officials involved in the exercise confirmed that the duty drawback scheme is being prepared after a requisition letter from the Directorate General of Foreign Trade (DGFT) to the Central Board of Indirect Taxes & Customs seeking such relief.