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32nd GST Council meeting might announce a rate cut on under-construction flats and increase MSMEs limit

GST on under-construction property currently is 12%, while no GST is being charged on completed properties wherein completion certificate has been issued. Currently businesses with a turnover of up to Rs 20 lakh are exempted from GST. The GST council is slated to meet on January 10, 2019 to decide on lowering GST on under-construction flats and houses to 5% and hiking exemption threshold for small and medium enterprises to Rs 75 lakh. 

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