GST for under-construction flat will be 5%: Arun Jaitley

 In a big relief to home buyers, the GST Council has slashed tax rates on under-construction housing properties to 5 per cent without input tax credit, from the existing 12 per cent. Finance Minister Arun Jaitley made the announcement on Sunday.

The Council also cut GST rates on affordable housing to 1 per cent from the current 8 per cent 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.
The new tax rates will come into effect from April 1, 2019.