Bihar Deputy Chief Minister and GST Council member Sushil Modi today went on to say that the inclusion of real estate in Goods and Services Tax (GST) will be taking “much longer time” as it is “not that easy” though the council is slated to discuss about it in the next meeting.
“It is up to GST Council to decide. But I think it will take much longer time and it is not that easy. Let other things stabilise in the GST, then petroleum products and real estate,” he said, to a query about the possible timing on the inclusion of real estate in the GST ambit, at the India Today Conclave East here.
Modi, who is also Bihar’s Finance Minister, said GST Council would discuss about the real estate issues in the next meeting. In real estate, state levies such as stamp duty, registration charges, and property tax, which is a municipal levy, are currently outside the ambit of GST.
He said every state Finance Minister is concerned to protect their state revenue and the centre assured protection up to 14 per cent of revenue. After the GST council’s Guwahati meeting in which the GST rates of 178 items were reduced from 28 per cent, the GST is stabilising, Modi said