GST on under-construction homes to be slashed to 5%, promises FM
Mumbai: The Central government has handed out a big pre-election bonanza to property developers and buyers, by reducing GST on underconstruction houses, from 12 per cent to 5 per cent. GST on affordable housing, meanwhile, will only be 3 per cent.
Finance Minister Piyush Goyal held a meeting with CREDAI, the umbrella body of developers, whereby he had promised that in the upcoming GST council meeting, tax on under-construction houses and affordable housing would be reduced significantly. Even in his Budget speech, Goyal had said his government will reduce GST on under-construction houses. He also said that a committee would study the impact of GST, and possible solutions.