The decision by GST Council today has cleared the way for reduction of GST on affordable housing to 1 per cent and all other housing to 5 percent with effect from April 1, 2019.  The Real estate industry is particularly happy that the Government has taken all precautions to ensure a smooth and easy transition to the new regime of rates, and allowed the option to follow the existing rates for ongoing projects.

The period of wait and watch as regards to GST for both the industry and the consumers is now over. We should expect colour to return to the real estate this Holi.

The decision by GST Council today has cleared the way for reduction of GST on affordable housing to 1 per cent and all other housing to 5 percent with effect from April 1, 2019.  The Real estate industry is particularly happy that the Government has taken all precautions to ensure a smooth and easy transition to the new regime of rates, and allowed the option to follow the existing rates for ongoing projects.

The period of wait and watch as regards to GST for both the industry and the consumers is now over. We should expect colour to return to the real estate this Holi.