INSUBCONTINENT EXCLUSIVE:
The new tax rates will come into effect from April 1, 2019.In a big relief to home buyers, the GST Council on Sunday 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
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
effect from April 1, 2019
Currently, the GST is levied at 12 per cent on payments made for under-construction properties or ready-to-move-in flats where completion
However, Goods and Services Tax (GST) is not levied on real estate properties for which completion certificate has been issued at the time
(GoM) will meet again to discuss the proposal
Currently, state run lotteries attract 12 per cent GST, while state-authorised ones attract 28 per cent.
