GST rate cut with no ITC to put pressure on developers’ margin: Naredco

While welcoming the lowering of Goods and Services Tax (GST) rate cut from 8 per cent to 1 per cent on affordable housing and other housing from 12 to 5 per cent, the real estate body Naredco however said that GST rate cut with no input tax credit will put pressure on developers’ margin and impact pricing of apartments. “This cut in GST rates for under construction homes needs to be compounded wit…