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National News

Feb 25, 2019
11:54AM

Trade bodies welcome rate cut in GST on real estate

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Various trade bodies have lauded the GST Council decision on Goods and Services Tax rate cut on real estate. 

Director General of Confederation of Indian Industry (CII) Chandrajit Banerjee said the GST Council's decision will address the needs of home buyers and boost offtake of housing. 

National Real Estate Development Council President Niranjan Hiranandani lauding the decision, said this will give big relief to the home buyers. 
Terming the decision as revolutionary, CREDAI President Jaxay Shah said, this move is a significant triumph for home buyers and will play a huge hand in boosting their sentiments.
In a big relief to home buyers, the GST Council has slashed tax rates on under-construction housing properties to 5 per cent without input tax credit, from the existing 12 per cent. 

Briefing reporters after GST council meeting in New Delhi on Sunday, Finance Minister Arun Jaitley said, the Council also cut GST rates on affordable housing to one per cent from the current 8 per cent. 

The Council also expanded the scope of affordable housing to those costing up to Rs. 45 lakh and measuring 60 square metres in metros and 90 square metres in non-metro cities. 
The new tax rates will come into effect from the first of April.

Mr Jaitley said, the GST reduction will certainly give boost to construction sector.

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