Img : etimg

In the recently concluded meeting, the GST Council postponed the date to take a decision on rationalization of tax rates for the Indian real estate sector and for lottery at the same time. The Goods and Services Council will now pass the judgment on February 24 due to the demand of some non-BJP ruled states as they asked to conduct a meeting where all members are present physically to discuss the matter.

The recently held meeting was 33rd meeting of the Council and was held via video conferencing. A decision was also taken to extend the deadline to file summary sales return – GSTR-3B – for January by February 22 that are two days from the earlier deadline.

Arun Jaitley, Union Finance minister said that the increase in speed of filling return as thousands of returns are being filed every hour, the GST council was suggested to increase the deadline by two days for all the states. He also informed that the tax filing in Jammu and Kashmir is extended till February 28 due to the occurring of disturbance in the state.

The Union Finance Minister is heading the GST Council while many of his State counterparts were supposed to discuss and take a decision on the report submitted by the Group of Ministers [GoM] that is headed by Nitin Patel, Gujarat’s Deputy Chief Minister.

Jaitley further said that some states wanted to attend the meeting physically to discuss the report submitted by the Group of Ministers and thus the same is deferred till February 24. The GST Council, however, didn’t discuss lottery in the meeting.

The Union FM said that the discussion didn’t complete via video conferencing as few ministers made their opinions while some didn’t and thus we will try to take a decision on the same in the next meeting.

He also said that I have always followed an approach of moving according to consensus and thus adjourned the meeting as some of the states expressed their interest to attend the meeting.

Earlier this month, the Group of Ministers [GoM] favoured lowering of Goods and Services Tax [GST] for both under construction properties and on affordable housing.