[email protected] | GST relief for real estate
The GST Council on February 24 slashed tax rate on under-construction residential properties to 5 percent from the earlier 18 percent and for affordable houses to 1 percent from 8 percent.
The relief is likely to benefit home buyers, real estate developers as well as housing finance companies.
Consumers have been complaining that the builders haven’t been passing the input tax credits; hence the GST Council has done away with ITC.
Sakshi Batra gets in a conversation with Moneycontrol Deputy Executive Editor, Gaurav Choudhury will explain the extent of benefit. A slew of changes coming in at the 32nd meeting at the GST Council today. This is the final huddle before the interim Budget