Back to Career News

Big Boost to Real Estate Sector: GST on Under-Constriction Houses Slashed to 5%

February 26, 2019

Big Boost to Real Estate Sector: GST on Under-Constriction Houses Slashed to 5%
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.

Photo on Visual hunt

Recommended for you ...

Reserve Bank to promote rupee as preferred currency for global trade
Reserve Bank to promote rupee as preferred currency for global trade

August 09, 2022

IDFC First Bank partners LetsVenture to support start-ups
IDFC First Bank partners LetsVenture to support start-ups

August 09, 2022

SFB allowed to offer more forex products
SFB allowed to offer more forex products

August 09, 2022

Chat on WhatsApp