Expectations from 32nd GST Council Meeting

The 31st GST Council meeting announced some of the very important amendments in Goods and Service Tax Act 2017. As announced in 31st GST Council meeting, the 32nd GST Council meeting will be held on 10th January 2019. The Expectations from 32nd GST Council Meeting are given below:

1.) The 32nd GST Council meeting may decide on bringing Under-Construction Residential Properties to 5% slab. Currently GST rate with respect to under-construction flats and houses and ready to move-in flats, where completion certificate is not issued at the time of sale, are taxable at 12 per cent.

2.) Currently, businesses with a turnover of up to Rs 20 lakh are exempted from GST. The Council could consider hiking the threshold to Rs 75 lakh for only MSMEs.

3.) GST council may frame a composition Scheme for Small Service provider.

4.) The GST Council is also looking into introducing composition scheme for the real estate sector.

5.) The GST Council may Levy a calamity cess for Kerala.

6.) The GST Council may consider amending GST rates on the lottery- Currently, state-organised lottery attract 12 per cent GST, while state-authorised lottery attracts 28 per cent.

7.) The concerns of MSME Sector in GST regime may be looked upon. Also the report of MSME committee formed in 29th GST Council meeting may be presented and discussed upon.