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New Delhi: Chaired by finance minister Arun Jaitley, the 32nd meeting of the GST Council today is expected to discuss issues relating to a rate cut in under-construction flats and cement industry. After the last council meeting in December, Jaitley had said that the next meeting would consider rationalisation of tax rates on residential properties and raising the threshold limit for MSMEs from the current Rs 20 lakh.
The GST Council is likely to consider lowering Goods and Services Tax (GST) on under-construction flats and houses from 12% at present to 5% without an input tax credit.
What to expect from the GST Council meeting today:
■ GST rate on cement may be reduced to 18% from 28% at present.
■ Exemption threshold for micro, small and medium enterprises can be increased from Rs 25 lakh at present in the GST meeting.
■ The turnover limit for businesses availing composition scheme may be raised to Rs 1.5 crore from Rs 1 crore at present.
■ The composition scheme could be extended to service providers with an annual turnover of up to Rs 50 lakh.
■ A calamity cess at the rate of 1% may be levied to fund rehabilitation and resettlement process in flood-hit Kerala.
■ With regard to GST on the lottery, currently, state-organised lottery attracts 12 per cent GST, while state-authorised lottery attracts 28 per cent. A final view would be taken as to whether the status quo should continue on GST on the lottery or if there is a scope to tweak it.
■ Commerce minister Suresh Prabhu Wednesday urged the finance ministry to make the process of refund of GST input tax credit online to ensure that the export refund is seamless and also transparent and accountable.