Image Source: ANI
In the recent GST council 33rd meeting which was held on 24th Feb 2019 took some important decisions based on the inputs given by many of the industry experts and GoM.
The GST council slashed the GST rate on under construction houses form 12 per cent to 5 per cent for the better. The GST rate cut has been done in the wake of builders input of taxes in the overall construction of the house. The said provision and changes will be going to implement from 1 April 2019 (FY 2019-2020).
However, the GST council also withdrew the benefits of the input tax credit from both the under construction properties as well as from the affordable housing scheme where the rate cut has made to a low level of 1 per cent.
On the other hand, the Pradhan Mantri Jan Awas Yojana also saw some price cut i.e from 8 per cent to 1 per cent making the affordable housing more convenient for the common people however taking back the input tax credit.
Note that the carpet area of a house in the metro city up to 60 square metres (around 650 square feet) and in the non-metro i.e. 90 square metres (970 square feet) is accounted in the affordable housing scheme. Also, the conditions under the reduced GST rate implies that the property value must be under 45 lakh for the 1 per cent GST rate while the value more than 45 lakh would attract the 5 per cent GST rate.
NOT SEEN
Today 33rd GST council meeting got adjourned to 24th Sunday if the meeting favours for reducing under construction property from 12% to 5% then from when onwards the changes applied. Any idea?
Thanks for your reply Asmitha. I have postponed my registration due tho this reason. But my builder is not accepting now to continue postponing. I was holding him from the last 2months. I am tired. Anyway, I am going to registration on 25th feb. If my luck is good I will get remembered. If any update before that I will be happiest person in this world.
Once again thanks for your reply.
Hello Sir,
If any GST update please post it immediately. I am eagerly waiting for GST update on today. I have kept my housing loan and registration on-hold for the updates on GST.
Sir, is GST rate going to reduce on under construction flats also.
No such amendment has been announced by GST council as of now.
Hello,
Please confirm this date is fixed for 33rd GST council meeting ?
I have kept my housing loan and registration on-hold for the updates on GST. I am eagerly waiting for GST update.
Thank you.
The 33rd GST council meeting may be held on 20th Feb 2019 according to the major resources. The date is not officially disclosed by the government.
GST council should consider, extending the last date for filing the final return in GSTR-10 to at least 31st march’19, by all those dealers whose registration was cancelled last year.
Hello Sir,
Is the date fixed for 33rd gst council meeting ?
I have put my home loan on hold just to get the latest update on gst. Please confirm.
Thank you.
Source: https://www.telegraphindia.com/business/cement-rate-cut-to-18-on-the-agenda-of-gst-meet/cid/1684405
Sir, we request GST council to reduce GST rate from 18%to 12% for safety matches, matches HSN code is3604 because of our raw-materials input only 9%