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Big relief for home buyers: GST for under-construction flats, affordable housing slashed
New Delhi,UPDATED: Feb 24, 2019 21:32 IST
In a big relief to home buyers, the GST Council on Sunday slashed tax rates on under-construction housing properties to 5 per cent without input tax credit, from the existing 12 per cent, Finance Minister Arun Jaitley said.
The Council also cut GST rates on affordable housing to 1 per cent from the current 8 per cent and expanded the scope of affordable housing to those costing up to Rs 45 lakh and measuring 60 sq metre in metros and 90 sq metre in non-metro cities.
The new tax rates will come into effect from April 1, 2019.
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