GST Council to meet on Feb 24 to review rate on under-construction houses

The Goods and Services Tax (GST) Council on Wednesday deferred its decision on revising rates for under-construction real estate.

The next meeting will be held on February 24.

Finance Minister Arun Jaitley said few ministers expressed their opinions during the meeting through video conferencing. "The rest will express their opinions on Sunday, and we will try and arrive at a decision," he said. "I have always followed an approach of moving forward on consensus."

In its final recommendations on real estate submitted on Monday, a Group of Ministers headed by Gujarat Deputy Chief Minister Nitin Patel had favoured lowering GST rates on under-construction houses from 12 per cent with input tax credit to 5 per cent without input tax credit.

Similarly, it had suggested reducing the rate for under-construction affordable houses to 3 per cent without input tax credit from 8 per cent.