Next GST Council meeting is set to be held on 10th January 2019

Next GST Council meeting is set to be held on 10th January 2019: The 32nd GST Council meeting is scheduled for January 10, 2019 after the recently concluded 31st GST Council meeting on December 22, 2018. The 32nd GST Council meeting is going to happen within three weeks of the last meeting clearly shows the proactive approach of the government towards concerns of the industry. The 32nd GST Council meeting is likely to be the last or second-last GST council meet before the presentation of interim budget for the financial year 2019-2020. The 32nd GST Council meeting which will decide on bringing Under-Construction Residential Properties to 5% slab, raising the threshold limit for MSMEs and bringing small service suppliers under the composition scheme 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. As per PTI report GST Council may bring down the said rate to 5 per cent from 12 per cent. "One of the proposals before the council is to lower the GST rate to 5 per cent for builders who purchase 80 per cent of inputs from registered dealers," the unnamed official was quoted in a PTI report. 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.