New Delhi, March 13: Abide the Lok Sabha elections, considering various economic issues including the one of implementing lower GST rates for the real estate sector, the Election Commission has given the approval for holding the aligned GST Council meeting on 19th of March.
The nod from the Election Commission was required as the Model Code of Conduct has been in force since Sunday. However, the meeting will be held through video conferencing. “Following the approval from the Election Commission, notices have been sent from the GST Council Secretariat to states for the 34th meeting of the Council”, confirmed the officials.
The meeting will be held to discuss only transition provision and related issues for the implementation of lower GST rates for the real estate sector, the sources said. In the previous meeting, the high powered GST Council slashed tax rates for under construction flats to 5 per cent and affordable homes to 1 per cent, being effective form 1st of April this year.
According to the statement, the goods and services tax GST is levied at 12 per cent with input tax credit ITC on payments made for under construction property or ready to move in flats where completion certificate is not issued at the time of sale. For affordable housing units, the existing tax rate is 8 per cent.