Next GST Council meet too, might not take up real estate issue

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In a fortnight from now, the GST Council will hold its next meeting but there will be no discussion on the proposal to include real estate in its ambit even this time. States in no mood to let go stamp duty revenues.

Stamp duty is a major source of revenue for state governments, and they are still not ready to let go of that, an official told DH, adding it is still a far-fetched dream.

A discussion on the inclusion of real estate under the GST was one of the key agendas of the Council in its meeting on January 18 itself. The expectation was that the stamp duty on a property before registration might come under the ambit of the GST.

Finance Minister Arun Jaitley had recently said the government was moving to bring consensus among the States on the issue. Besides, the GST law is still not clear on the real estate. GST is applicable only on supply of goods and services while real estate, an immovable property, is neither goods nor services.

The last meeting of the GST Council had given a way forward on the issue and suggested that goods could be redefined to include movable and immovable property.It also suggested redefining services as anything other than goods and include intangibles in that, the official said.

Read more at: http://www.deccanherald.com/content/659333/next-gst-council-meet-too.html