GST Council postpones Decision On Real Estate

The GST Council in its meeting headed by the FM Arun Jaitley deferred the decision on tax rates on lotteries and real estate till Sunday, 24-February and extended the last date for businesses to file sales returns for January till Friday, i.e. up to 22-February.

Briefing media reporters post meeting of the GST Council today, the finance minister said, owing to the rush of filing of returns, the due date has been relaxed till February-22 for all states; and February-28 for Jammu and Kashmir.

It was hoped that the GST would be reduced on under-construction houses to 5pc and affordable houses to 3pc from the current 12pc and 8pc respectively.

With regard to GST rate on under-construction housing properties, Jaitley said, since some states wanted physical meeting for this agenda, therefore, the GST Council would meet again on February-24 to take a final decision.