Real Estate to be included in GST?

Mumbai Jan 17: The GST Council will hold its meeting tomorrow and the council may take some crucial decisions to further simplify the tax regime ahead of the budget session.

The council may reduce the tax rates of 80 items these include common man items, services, household goods, agriculture products, housing sector inputs such as cement and steel.

The Council may also announce a decision to include real estate under GST and impose a 12 % tax by subsuming stamp duty and registration charges levied by states.

The council will also give its approval for simplifying the 3 tax returns forms into one so that compliance burden is eased. A relief for Exports, SEZ would also be offered by modifying the definitions.

Special incentives would be offered for Handloom sector by altering the definition so that more products can be included and the tax rates on job works of these items would be reduced to 5 %.

Finally, some changes in the GST law would also be approved and the bill would be tabled in upcoming budget session.