GST on Real Estate
1. GST Council clears the proposal of lowering GST rates in real estate; Council clears the proposal of levying 5% with out ITC for non-affordable housing & 1% without ITC for affordable housing: Sources.
2. Sources add that in terms of cost, council decides to consider residential properties with cost of Rs 45 lakhs as affordable & In terms of size, 60 sqmts for metros & 90 sqmts for non-metros to be considered affordable housing.