The India Press Information Bureau has published a release from the Ministry of Finance on recommendations made by the GST Council during their 33rd meeting held 24 February 2019. The main recommendation is a reduction in the GST rates for residential property, including:
- An effective GST rate of 5% without input tax credit (ITC) on residential properties outside the affordable segment; and
- An effective GST of 1% without ITC on affordable housing properties.
The Council also provided a de…