Now under GST, stamp duty also on property

GST, Stamp, Property, NewsMobile
Now under GST, stamp duty also on property

Stamp duty on property before registration might come under the ambit of the Goods and Services Tax regime, sources have disclosed. This was revealed on Tuesday, two days ahead of the last GST Council meeting before the Union Budget.

“Discussion of real estate inclusion in GST is the key agenda of the GST Council which is scheduled to meet on January 18th,” a senior government official privy to the deliberations told the media.

He, however, added that the GST Council may discuss the proposal seriously, but a final decision could take more time.

States like Delhi and Jammu Kashmir are very keen to bring the real estate sector under GST.

In November, Finance Ministry officials chaired a meeting with real estate developers on the proposal to levy GST on properties owned by private developers.

The senior government official said over a dozen issues are on the agenda for meeting on Thursday.

The official added that the GST Council is likely to give nod to rationalisation of rates on five – six items. These items are related to equipments which are used in agriculture.

Amendments in GST laws is also on the agenda.

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