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The GST Council met for the 33rd time on the 24th of February 2019. The 33rd GST Council meeting saw some crucial decisions being taken for the real estate sector, which we will summarise for you in this blog.
In the last GST Council meeting, it was decided to take some key decisions regarding real estate. To boost the residential segment of the real estate sector, the following recommendations were made by the GST Council in its 33rd meeting held today:
Intermediate tax on development right, such as TDR, JDA, lease (premium) and FSI shall be exempted only for such residential property on which GST is payable. Details of the scheme shall be worked out by an officers committee and shall be approved by the GST Council in a meeting to be called specifically for this purpose.
The new tax rate in principle was approved by the Council taking into consideration the following advantages:
At the 33rd GST Council meeting, it was decided that the issue of tax rate on lottery needs to be discussed further by the GoM, which have been instituted in this regard.
Stay tuned for further GST Council Meeting Updates right here.