GST Council Meeting today to declare Relief to Real Estate Sector

.
The most powerful GST Council will meet today to announce relief to the real estate sector and to declare a uniform tax rate on the lottery.
.
Last week, the Group of Ministers headed by Gujarat deputy chief minister Nitin Patel had recommended cutting tax rates on under-construction properties to 5 percent, without input credit, from 12 percent and for affordable housing, 3 percent from 8 percent.
.
Though the Council met on Thursday through video conference, to discuss the proposal, it was deferred to Sunday, some states had opposed announcing of the decision in their absence in the last meeting.
.
“The discussion remained incomplete today through video conferencing. Few ministers expressed their opinion and the rest will express their opinion and we will try and take a decision on this issue on Sunday… I have always followed the approach of moving as per consensus and some of the states wanted meeting where members are physically present, keeping the idea of consensus in mind, I adjourn the meeting to Sunday (February 24),” finance minister Arun Jaitley said after the meeting.
.
A PTI report had said that the move would boost buying of under-construction houses as the current GST rates forced buyers to go for ready-to-move-in properties.
.
Meanwhile, the meeting is also expected to address the issue of the tax rate on the lottery. A panel headed by Maharashtra finance minister Sudhir Mungatiwar has recommended a uniform rate of 18 percent or 28 percent on the lottery.