Home buyers have now something to rejoice. The GST Council has reduced the GST rate on under-construction real estate projects to 5% from the previous 12%. In addition to that, it has slashed the GST rate on affordable housing to 1% from the previous 8% and widened the scope of affordable housing to those that are worth ₹45 lakhs and measure 60 sq.m. in metros and 90 sq.m.in non-metro cities.
Finance Minister Arun Jaitley said that the GST decision will surely give a boost to the construction sector and that the new rates will be effective from April 1, 2019, onwards.
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