In an attempt to give a boost to the real estate sector, the Goods and Services Tax (GST) Council on Sunday decided to reduce the GST on affordable housing properties without input tax credit (ITC) to one per cent.The effective GST of 5 per cent shall be applicable without ITC on residential properties outside the affordable segment, which was also decided by the GST Council at its 33rd meeting here on Sunday."Through this rate cut, we want to give real estate sector a boost. The new rates will be effective from April 1, 2019," said Finance Minister Arun Jaitley while briefing media persons after the GST Council meeting."We have adopted twin definitions of affordable housing-one on basis of the carpet area and second on the basis of cost. In metros, a flat of 60 square meter carpet area and costing Rs 45 lakh in the apartment will fall in the affordable housing category. In non-metros, the size will be 90 square meter carpet area and costing Rs 45 lakh," he said.According to a press ..
