33rd GST Council Meeting Live: Arun Jaitley Adjourns Meeting To Feb. 24
Catch all the live updates on the 33rd GST Council meeting here.
KEY HIGHLIGHTS
Meeting Adjourned To Sunday
Finance Minister Arun Jaitley adjourned the 33rd GST Council meeting to Feb. 24, 2019 without taking a decision on any relief measures for the real estate sector.
The meeting which was held through video conference, was cut short “so that the meeting can be held in person” in Delhi on Sunday, Jaitley said. Members of the GST Council wanted more discussion on proposals for the real sector sector, he added.
Today, the council decided to extend the deadline for filing GSTR-3B by two days.
Jaitley also said that the proposal on lotteries was not discussed today.
33rd GST Council Meet Underway
What Happened Last Time
The GST Council, in its last meeting, gave relief to small businesses by increasing the Goods and Services Tax exemption limit from Rs 20 lakh to Rs 40 lakh and extending the composition scheme to service providers.
The new exemption threshold—the minimum annual turnover for businesses supplying goods to register under the GST— will take effect from April 1, 2019.
Delhi, Kerala Seek To Defer Wednesday’s GST Council Meet
The state governments of Kerala and Delhi on Tuesday demanded deferment of the GST Council meeting scheduled for Feb. 20, saying a decision on rates for real estate sector and lottery should not be taken through a video conference.
In a letter to Finance Minister Arun Jaitley, Delhi Deputy Chief Minister Manish Sisodia said that such “crucial issues” cannot be discussed through a video conference and convening a physical meeting is important to take a consolidated decision.
Kerala Finance Minister Thomas Isaac, too, said that decision on the important issue of GST on lottery cannot taken without a fair discussion. He said inclusion of lottery in the council’s agenda only a day before the meeting is unfair.
What's Expected: Respite For Real Estate
There are two broad issues that the GST Council is expected to discuss in today’s meeting—reduction of tax on properties that are under construction, and a rate cut on cement which remains in the highest tax slab.
The GST Council had earlier notified formation of a ministerial panel which will study problems plaguing the real estate sector under the indirect tax regime and suggest remedial measures.
The panel will be headed by Gujarat Deputy Chief Minister Nitin Patel and will have Maharashtra Finance Minister Sudhir Mungantiwar and Karnataka Finance Minister Krishna Byre Gowda as its members, according to a statement by Ministry of Finance. Other members include the finance ministers of Kerala, Punjab and Uttar Pradesh—TM Thomas Isaac, Manpreet Singh Badal and Rajesh Agarwal, respectively—and Goa Panchayat Minister Mauvin Godinho.
GST Council To Meet Today
The Goods and Services Tax Council is scheduled to meet today for the 33rd meeting. Finance Minister Arun Jaitley, along with his state counterparts, may announce tweaks to India’s 19-month-old indirect tax system after the meeting concludes.