GoM for slashing GST on residential properties to 5%

New Delhi, February 8

A panel of state ministers today favoured lowering GST on under-construction residential properties to 5%, from 12% currently.

The Group of Ministers, under Gujarat Deputy Chief Minister Nitin Patel, was set up last month to analyse tax rates and issues/challenges being faced by the real estate sector under the Goods and Services Tax (GST) regime.

In its first meeting, the GoM also favoured slashing GST on affordable housing from 8% to 3%.

Officials said the report of the GoM would be finalised within a week and would be placed before the GST Council in its next meeting.

"The GoM favoured lowering GST rates on residential houses to 5% without input tax credit and to 3% for those under affordable housing," an official said. — PTI

GST Council to take final call 

• The panel also favoured slashing GST on affordable housing from 8% to 3%
• The report will be finalised within a week and would be placed before the GST Council in its next meeting.