NEW DELHI: An important Goods and Services Tax (GST) Council meet ahead of the Union Budget is scheduled on January 18. According to sources, discussion of real estate inclusion in GST is the key agenda of this meeting.
"Discussion of real estate inclusion in GST is the key agenda of the GST Council which is scheduled to meet on January 18th," a senior government official told ANI privy to the deliberations.
He further added that the GST Council in all likelihood will not reach a decision on this, but a serious discussion is expected nonetheless.
Moreover, states like Delhi and Jammu Kashmir are very keen to bring real estate sector under the GST ambit.
Earlier in November, Finance Ministry officials chaired a meeting with real estate developers over GST to be levied on properties owned by private developers.
The meeting followed the 23rd GST Council meeting that was held in Guwahati, where in it was decided that real estate would be brought under the ambit of the taxation scheme.
Naredo Chairman, Rajiv Talwar; Vice Chairman, Pravin Garg; President, Niranjan Hiranandani; and Revenue Secretary, Hasmukh Adhia, among others were a part of the meeting.
Further, according to the senior government official, more than one dozen issues are on agenda for the meeting on January 18.
The official added that the GST Council is likely to give nod to rationalisation of rates on five - six items. These items are related to equipments which are used in agriculture.
Amendments in GST laws is also on the agenda for the meeting.