The Election Commission has shown a green light for conducting the 34th GST council meeting on March 19 to confer multiple issues via video conferencing.
The decisions regarding fixation of reduced GST rates for the real estate sector will be discussed deliberately in the meeting which will be held on video conferencing.
The notices about the upcoming 34th GST meeting on March 19th, have already been sent from the GST Council Secretariat to states after the consent received from the Election Commission.
The sole purpose of conducting the meeting is to canvass the transition provision and associated topics for the final implementation of reduced GST rates for the real estate sector, as informed by the sources.
The last meeting endorsed the abbreviation of the high-powered GST tax rates for under-construction buildings & affordable housing units to 5% & 1% respectively, will be applicable from April 1.
Prior to 1st April, the existing rate of goods and services tax (GST) will continue to be applicable at 12% with an input tax credit (ITC) on payments done for under-construction property or ready-to-move-in flats where completion certificate is not issued at the time of sale and 8% for affordable homes.
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GST collection accomplished in April is Rs 1.03 lakh crore, in May is Rs 94,016 crore, in June is Rs 95,610 crore, in July is Rs 96,483 crore, in August is Rs 93,960 crore, in September is Rs 94,442 crore, in October is Rs 1,00,710 crore, in November is Rs 97,637 crore, in December is Rs 94,725 crore 2018 and in January 2019 is Rs 1.02 lakh crore.
The recent GST collection has seen downfall from Rs 1.02 lakh crore in January to Rs 97,247 crore in February which includes CGST of Rs 17,626 crore, SGST of Rs 24,192 crore, Integrated GST of Rs 46,953 crore and cess of Rs 8,476 crore.
The current fiscal till February summed up to Rs 10.70 lakh crore of GST collection. The GST collection target for the current fiscal is altered by the government from Rs 13.71 lakh crore (fixed initially) to Rs 11.47 lakh crore in the Revised Estimates. While for the coming F.Y. 2019-20, the GST collection target has been budgeted at Rs 13.71 lakh crore.
