Election Commission Approves GST Council Meeting On March 19

0
144
views
1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...
(Last Updated On: March 14, 2019)
Following the approval from the Election Commission, notices have been sent from the GST Council Secretariat to states for the 34th meeting of the Council on March 19, sources said.

NEW DELHI: 

The Election Commission has given approval for holding the upcoming GST Council meeting on March 19 to consider various issues including the implementation of lower GST rates for the real estate sector.

The next meeting will be held through video conferencing, sources said.

Following the approval from the Election Commission, notices have been sent from the GST Council Secretariat to states for the 34th meeting of the Council on March 19, sources said.

The nod from the Election Commission was required as the Model Code of Conduct has been in force since Sunday.

The meeting will be held to discuss only transition provision and related issues for the implementation of lower GST rates for the real estate sector, the sources said.

In the previous meeting, the high-powered GST Council slashed tax rates for under-construction flats to 5 percent and affordable homes to 1 percent, effective April 1.

Currently, the goods and services tax (GST) is levied at 12 percent with an input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats where completion certificate is not issued at the time of sale. For affordable housing units, the existing tax rate is 8 percent.

GST collections in February dropped to Rs. 97,247 crore from Rs. 1.02 lakh crore in the previous month.

Of this, Central GST was Rs. 17,626 crore, State GST (SGST) stood at Rs. 24,192 crore, Integrated GST Rs. 46,953 crore and cess was Rs. 8,476 crore.

GST collections in the current fiscal till February totaled Rs. 10.70 lakh crore.

The government has lowered the GST collection target for the current fiscal to Rs. 11.47 lakh crore in the Revised Estimates, from Rs. 13.71 lakh crore budgeted initially.

GST collection stood at Rs. 1.03 lakh crore in April, Rs. 94,016 crore in May, Rs. 95,610 crore in June, Rs. 96,483 crore in July, Rs. 93,960 crore in August, Rs. 94,442 crore in September, Rs.1,00,710 crore in October, Rs. 97,637 crore in November, Rs. 94,725 crore in December 2018 and Rs. 1.02 lakh crore in January 2019.

For the next fiscal 2019-20, the GST collection target has been fixed at Rs.13.71 lakh crore.

Source: https://www.ndtv.com/india-news/election-commission-approves-gst-council-meeting-on-march-19-2007205

LEAVE A REPLY

Please enter your comment!
Please enter your name here

8 × = 8