GST Council approves transition plan for new tax rates for real estate sector; developers to get reasonable time
The Council had in its last meeting on February 24, slashed tax rates for under-construction flats in affordable category to 1 per cent. GST rate on other categories was reduced to 5 per cent, effective April 1.
The meeting deliberated on the transition provision and related issues for the implementation of lower GST rates for the real estate sector. Image source: Reuters