GST on real estate: Transition is key

Both consumers and builders were delighted with the reduction in the  GST  rates announced by the  GST  Council in a recent meeting. The reductions were quite impressive as the erstwhile rate of 12 per cent was brought down to 5 per cent and more importantly, the reduced rate of 8 per cent applicable to affordable homes was slashed to 1 per cent. There was expectedly a conditio…