GST Council meeting underway, major relief expected for MSMEs, housing, cement industry

The 32nd meeting of the GST Council has started in New Delhi on Thursday. Chaired by Finance Minister Arun Jaitley, the meeting aims to provide relief to small tax payers.

Amongst the key proposals that will be taken up for discussion on Thursday include raising the annual revenue threshold for GST from the current Rs. 20 lakh to Rs. 75 lakh for MSMEs and lowering the GST rates on under-construction houses and flats from the current 12 per cent to 5 per cent. The GST on cement is also likely to be reduced to 18 per cent from the current 28 per cent.

Also on the agenda is the raising of turnover limit for businesses availing composition scheme from the current Rs 1 crore to Rs 1.5 crore. The ministers are also likely to extend the composition scheme to service providers with Rs 50 lakh annual turnover.