GST Council to clarify real estate industry concerns

The GST Council is expeted to meet next week via video-conferencing for the rules related to under-construction buildings.

 

The GST Council is likely to meet next week to clear the rules related to under-construction buildings. It will clarify areas governing the rule,.In its last meeting, the council had reduced Goods and Services Tax (GST) rate for under-construction buildings from 12 per cent to 5 per cent and on projects under affordable housing from 8 per cent to 1 per cent.

The Central Board of Indirect Taxes and Customs (CBIC) met several real estate sector representatives last week to discuss key areas.“The next meeting will explain the issues over which the sector has been seeking explanation. Also, the law committee of the council will approve the rules, which would be effective from April 1,” the official said.

The issue to be taken up by the council would be relaxation of the 80 per cent mandatory procurement from registered suppliers. “So far, the general consensus is that 80 per cent procurement norm is going to make many dealers GST-compliant. So, the council is unlikely to relax this norm,” They said.

The government has released new return forms that businesses will have to file for paying GST from next financial year. Businesses that have an annual turnover of up to `5 crore have the option to fileA GST

one of the three quarterly returns. The new returns would be implemented on a pilot basis from April 1, and will be made mandatory from July 1.

 

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