Here's how much you are likely to save from cut in GST on housing

After much dilly-dallying, the GST Council has decided to cut GST rates on under construction homes. The new rates are 1% for affordable housing projects and 5% for others —a significant reduction from the current 8% and 12% respectively. The council has also redefined affordable housing. Units should cost less than Rs 45 lakh and should be less than 60 sq m in size in metros and smaller than 90 s…