New Home buyers! GST Reduced to 5% from 1st April

GST reduction 5% applicable on Residential Flats and Residential Buildings are in construction

GST Council Meeting minutes:

Good news for new home buyers! The Central Government of India has reduced the GST for residential buildings. 

Good news for New Home buyers! GST Reduced to 5% from 1st April
This has resulted a huge relief for Middle class Home buyers who are dreaming to Buy a New Home in Urban areas, Metro cities, Non-metro cities. 

In a statement Union Finance Minister Arun Jaitley said that the GST has been reduced to 5 percent by keeping in mind the interests of middle class house buyers.

After dropping in GST home buyers, the demand for Home Loans, Housing Finance, Mortigage Loans will gradually increase.

So far 12 per cent GST is imposing on residential buildings which are under construction. Now, The GST Council has decided to reduce it to 5% from existing 12%. 

The GST was applied 1 per cent on the purchase of homes under Rs.45 lakhs. Earlier it was 8%. The GST Council has given a new definition to affordable housing. 

Houses built in 60 sq meters or less in metro cities are often described as affordable homes. In cities that are not come into metro cities, houses built in 90 square meters or less are constructed, they will come to affordable housing. Jaitley said.

The reduced GST rates would come into effect from April 1st 2019.
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