GST on houses under construction slashed to 5%; affordable housing to attract 1%

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 said. 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 to those costing up to R…