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Ministerial panel back GST cut on under construction residential properties to 5%

A panel of state ministers on Friday favoured lowering GST on under-construction residential properties to 5% from 12% currently. No GST is levied on ready-to-move-in properties for which completion certificate has been issued. The Group of Ministers, under Gujarat Deputy CM Nitin Patel, was formed last month to analyse tax rates and challenges faced by the real estate sector under GST regime. The GoM also favoured slashing GST rate on affordable housing from 8% to 3%. The GoM would finalised their report within a week and place before the GST Council in its next meeting.

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