GST on under-construction flats, houses may be lowered to 5%
The GST Council may consider lowering GST on under-construction flats and houses to 5% in its meeting next month. Currently, GST is levied at 12% for under-construction property or ready-to-move-in flats where completion certificate hasn't been issued at the time of sale. GST isn't levied on buyers of real estate properties for which completion certificate has been issued during sale.