 "real estate, real estate in Mumbai")
The Goods and Services Tax (GST) Council at its meeting here on Sunday reduced the GST rate on under-construction houses. For flats priced more than Rs 45 lakh, the new GST rate applicable from April 1, 2019, stands at 5 per cent, against 12 per cent currently.
The Council also cut GST rates on affordable housing to 1 per cent, from the current 8 per cent — less than what the ministerial panel on real estate had suggested. In both cases, the builders will not be eligible to claim input tax credit in the new structure.
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