GST Council to consider 5% GST on under-construction homes

The GST Council is likely to consider lowering GST on under-construction flats and houses to 5 per cent in its meeting next month, an official said. Currently, the Goods and Services Tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale. However, GST is not levied on buyers…