7 Issues 32nd GST Council Meeting may discuss on 10th January 2019

GST Council has announced that 32^nd GST Council Meeting of it is to be held on 10^th January 2019 in New Delhi. 32^nd GST Council Meeting may consider following issues-

1. Rationalisation of tax rates on residential properties and raising the threshold limit for MSMEs from the current Rs 20 lakh.

2. Composition scheme for small suppliers may be introduced as number of small service providers getting registered under GST was not on expected lines.

3. Levying a calamity cess

4. GST rates on the lottery- Currently, state-organised lottery attract 12 per cent GST, while state-authorised lottery attracts 28 per cent.

5. Lowering GST on under-construction flats and houses to 5 per cent from existing 12% considering the fact that many builders are not passing on the input tax credit (ITC) benefit to consumers.

6. Concerns of MSMEs under the GST regime

7. Hiking the threshold to Rs 75 lakh for only MSMEs from existing limit of Rs. 20 Lakh.