GST Council Meeting Updates & Latest GST Tax Slabs
- Blog|GST & Customs|
- 606 Views
- 3 Min Read
- By Taxmann
- Last Updated on 25 June, 2021
Real Estate Sector – Decisions taken in the 34th GST Council Meeting:
1. W.e.f. 01-04-2019, GST Rates for Construction of residential complex has been specified as follows: –
2. Criteria and conditions for levy of Concessional GST for Affordable housing:
i) Definition of Affordable Housing:
ii) How to compute Rs. 45 lakhs:
Other important updates pertaining to GST Council Meetings:
32nd GST Council Meeting: Threshold limit for GST Registration raised to Rs. 40 lakh:
The GST council in its 32nd meeting has recommended several changes under GST law in ease of doing business for MSMEs and SMEs. Considering the demand of small industries to raise threshold limit for registration under GST, the GST Council has decided to raise the threshold limit from 20 lakhs to 40 lakhs for GST registration for suppliers of goods. Further, the limit has been raised from 10 lakhs to 20 Lakhs in case of north-eastern and hilly States. However, an option has been provided to States to opt for higher threshold limit, i.e., every State has the right to choose either higher threshold limit (i.e., 40 Lakhs) or to keep same threshold limit (i.e., 20 Lakhs).
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