Added on : 2019-02-24 20:22:48
The Central Government has given great relief to the Goods and Services Tax (GST) for the people who bought the house before the Lok Sabha elections. GST Council meeting was held on Sunday, in which the council reduced the GST rate of the under construction project from 12% to 5%. Apart from this, efforts have also been made to provide cheap housing to GST rates.
GST rates of cheap houses have been reduced from 8% to just 1%. It is worth mentioning that the real estate sector has been facing a recession for some time now. The government had set up a group of ministers to take the real estate sector under the chairmanship of Gujarat Chief Minister Nitin Patel to give relief from GST.
A Group of Ministers (GoM) was constituted under the chairmanship of Gujarat Deputy Chief Minister Nitin Patel. Seven ministers were included in GoM. The rates of GST on the sector were relaxed and the real estate sector was pulled out of recession and reviewed. In order to promote residential buildings, the Council asked for a review from GoM. GoM includes Maharashtra Finance Minister Sudhir Mungantiwar, Karnataka Finance Minister Krishna Bair Gowda, Kerala Finance Minister TM Thomas Isak, Punjab Finance Minister Manpreet Singh Badal, Uttar Pradesh Finance Minister Rajesh Agarwal and Goa's Panchayat Minister Mauvin Godinho.