GST Council New Recommendations for Real Estate & Allied Industries
The 47th GST Council met under the chairmanship of Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs in Chandigarh. The meeting was also attended by Union Minister of State for Finance Pankaj Choudhary besides finance ministers of states & union territories (UTs) and senior officers of the Ministry of Finance & States/ UTs. The GST Council has inter-alia made the following recommendations relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure. GST exemption on renting of residential dwelling to business entities (registered persons) has been withdrawn. GST on LED Lamps, lights and fixture, their metal printed circuits board increased from 12% to 18%. All fly ash bricks attract same concessional rate irrespective of fly ash content. The condition of 90% fly ash content with respect to fly ash bricks applies only to fly ash aggregate & not fly ash bricks. As a simplification measure, condition of 90% content is being omitted. Allowing choice of location of a plot is part of supply of long term lease of plot of land. Therefore, location charge or preferential location charges (PLC) are part of consideration charged for long term lease of land and shall get the same treatment under GST. Sale of land after leveling, laying down of drainage lines etc. is sale of land and does not attract GST. The council has decided to constitute a Group of Ministers to address various concerns raised by the states in relation to constitution of GST Appellate Tribunal and make recommendations for appropriate amendments in CGST Act.
Tags : GST Council Recommendations Real Estate Allied Industries Nirmala Sitharaman Union Minister for Finance & Corporate Affairs Chandigarh Union Minister of State for Finance Pankaj Choudhary