Inclusion of real estate in GST likely to be decided by GST council

Inclusion of real estate in GST likely to be decided by GST council
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New Delhi: In its 24th meeting which is to be held tomorrow, the GST council is considering a reduction in tax rates of about 80 items, and also including real estate in it is expected.

The meeting comes just two weeks before the presentation of the budget.

According to the news reported in Economic times, the GST revenue collection witnessed a decline in the last two months with collection of Rs 80,808 crore in November, from Rs 94,063 crore in the launch month in July last year.

The GST council is expected to reduce tax rates on items such as household goods, agriculture products, housing sector inputs such as cement and steel.

The date for roll out of inclusion of real estate in GST is likely to be started from financial year i.e. April 1.

The GST council is expected to set 12% rate for the real estate sector and subsume stamp duty and registration charges in GST

For reducing the compliance burden on the tax payers, the three return forms for filing GST returns may be clubbed together into single form for easier filing.