GST council meeting adjourned without significant decision, to meet again on Sunday

Finance Minister, Arun Jaitley while addressing the press meet on Wednesday told the media that the newly scheduled date for the GST meet is 24th February, keeping in mind the consensus of many members of the council for a ‘physical meeting’ and also the disturbance in some areas of Jammu & Kashmir. For J&K the newly scheduled date is 28th February in particular.

The meeting on Wednesday remained inconclusive because many member wanted a meeting with ‘physical presence’.

He further said that many members of the council want the meeting to be ‘physical’ rather than a ‘video conference’, citing that he always follow the approach of moving in a ‘consensus’ and hence he adjourned the meeting so that a ‘physical’ meeting can be held, discussing the same issues.

The Goods and Services Tax (GST) Council on Wednesday deferred its decision on revising rates for under-construction real estate.

Finance Minister Arun Jaitley said, “The rest will express their opinions on Sunday, and we will try and arrive at a decision.”

He also said,”I have always followed an approach of moving forward on consensus.”

In its final recommendations on real estate submitted on Monday, a Group of Ministers headed by Gujarat Deputy Chief Minister Nitin Patel, favoured lowering GST rates on under-construction houses from 12 per cent to 5 per cent without input tax credit.

It had suggested about reducing the rate for under-construction houses to 3 per cent from 8 per cent.

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