GST Council to consider implementation of lower GST rates for realty sector
Currently, the goods and services tax (GST) is levied at 12 per cent with input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats where completion certificate is not issued at the time of sale. For affordable housing units, the existing tax rate is 8 per cent.
GST Council meeting to be held Tuesday is expected to take up implementation of lower GST rates for real estate sector, Photo: Reuters