32nd meeting of GST Council being held in National Capital today
New Delhi: The 32nd meeting of the Goods and Services Tax (GST) Council is being held in New Delhi today (Thursday, January 10). The GST Council, headed by Finance Minister Arun Jaitey, is the highest decision making body of the new indirect tax system that came into effect from the first of July, 2017. However, the GST Council is likely to discuss lowering GST on under-construction flats and houses to 5 per cent. Currently, GST is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale. It is also likely to consider a composition scheme for small suppliers as well as GST rates on lottery. In its previous meeting in December, it had rationalised the 28 per cent tax slab and reduced rates on 23 goods and services.