As per report Finance Minister Arun Jaitley said in a big relief to home buyers, the GST Council on Sunday slashed tax rates on under construction housing properties to 5% without input tax credit, from the existing 12%. Meanwhile the Council also cut GST rates on affordable housing to 1% from the current 8% and expanded the scope of affordable housing to those costing up to Rs. 45 lakh and measuring 60 sq metre in metros and 90 sq metre in non-metro cities.
Furthermore the new tax rates will come into effect from April 1, 2019. Currently, the GST is levied at 12% on payments made for under construction properties or ready to move-in flats where completion certificate has not been issued at the time of sale. However, builders will not be able to claim input tax credit (ITC) under the new GST rates.
Mr. Jaitley told reporters "This (GST reduction) decision will certainly give boost to construction sector". However, Goods and Services Tax (GST) is not levied on real estate properties for which completion certificate has been issued at the time of sale. Meanwhile with regard to lotteries, the GST Council, however, deferred its decisions with Mr. Jaitley saying that the Group of Ministers (GoM) will meet again to discuss the proposal. Currently, state run lotteries attract 12% GST, while state-authorized ones attract 28%.
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