What to Expect from 33rd GST Council Meeting

Below are some of the expectations from 33rd GST Council Meeting

1.) The 33rd GST Council Meeting will decide on bringing Under-Construction Residential Properties to 5% slab.

As per decision made by GSTN Council in it’s 31st Meeting, Law Committee and Fitment Committee was formed for Taxation of residential property in real estate sector.

The Committee has decided to recommend 5% GST for under construction properties without ITC. Further the GOM has recommended to levy 3% GST on affordable housing scheme.

At present, GST is levied at 12 per cent with Input tax credit (ITC) 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. However, GST is not levied on buyers of real estate properties for which completion certificate has been issued at the time of sale.

2.) Final Call will be taken for GST Rate of Lottery in 33rd GST Council meeting

A state ministerial panel was set up to review the tax rate on lottery . The panel has favoured a uniform GST rate of either 18% or 28% and final decision will be taken on same.

Currently, a state-organised lottery attracts 12% GST while a state-authorised lottery attracts 28% tax.

Below are the Key updates of Previously held GST Council Meetings

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