GST Council gets EC's nod for March 19 meet

New Delhi: The Election Commission has given approval for holding the upcoming GST Council meeting on March 19 to consider various issues including the implementation of lower GST rates for the real estate sector. The next meeting will be held through videoconferencing, sources said. Following the approval from the Election Commission, sources said, notices have been sent from the GST Council Secretariat to states for the 34th meeting of the Council on March 19, they said.

The nod from the Election Commission was required as the Model Code of Conduct has been in force since Sunday. The meeting will be held to discuss only transition provision and related issues for the implementation of lower GST rates for the real estate sector, the sources said. In the previous meeting, the high-powered GST Council slashed tax rates for under-construction flats to 5 per cent and affordable homes to 1 per cent, effective April 1.

Currently, the goods and services tax (GST) is levied at 12 per cent with input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats where completion certificate is not issued at the time of sale.