Trade bodies welcome rate cut in GST on real estate

Various trade bodies have lauded the GST Council decision on Goods and Services Tax rate cut on real estate.

Director General of Confederation of Indian Industry (CII) Chandrajit Banerjee said the GST Council's decision will address the needs of home buyers and boost offtake of housing.

National Real Estate Development Council President Niranjan Hiranandani lauding the decision, said this will give big relief to the home buyers.

Briefing reporters after GST council meeting in New Delhi on Sunday, Finance Minister Arun Jaitley said, the Council also cut GST rates on affordable housing to one per cent from the current 8 per cent.

The Council also expanded the scope of affordable housing to those costing up to Rs. 45 lakh and measuring 60 square metres in metros and 90 square metres in non-metro cities.