32nd GST Council Meeting - 10 January 2019

32^nd GST Council meeting likely to be held on 10^th January 2018.

Agenda of meeting may include:

Ø Rationalisation of tax rates on residential properties,

Ø Raising the threshold limit for MSMEs from the current ₹ 20 lakh,

Ø Lowering GST on under-construction flats and houses to 5 per cent:

“One of the proposals before the Council is to lower the GST rate to 5 per cent for builders who purchase 80 per cent of inputs from registered dealers”

Ø Composition scheme for small suppliers,

Ø Threshold limit for compulsory GST registration from ₹20 lakh to anywhere between ₹50 lakh and ₹75 lakh.