{"id":309757,"date":"2019-02-24T16:13:25","date_gmt":"2019-02-24T16:13:25","guid":{"rendered":"http:\/\/tehelka.com\/?p=309757"},"modified":"2019-02-24T16:13:25","modified_gmt":"2019-02-24T16:13:25","slug":"relief-for-real-estate-as-gst-council-slashes-tax-rates-of-under-construction-properties-to-5","status":"publish","type":"post","link":"https:\/\/tehelka.com\/relief-for-real-estate-as-gst-council-slashes-tax-rates-of-under-construction-properties-to-5\/","title":{"rendered":"Relief for real estate as GST council slashes tax rates of under-construction properties\u00a0to 5%"},"content":{"rendered":"<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><a href=\"http:\/\/tehelka.com\/centre-announces-merger-of-vijaya-bank-dena-bank-and-bank-of-baroda\/arun-jaitley-bank\/\" rel=\"attachment wp-att-302765\"><img decoding=\"async\" loading=\"lazy\" class=\" wp-image-302765 aligncenter\" src=\"http:\/\/tehelka.com\/wp-content\/uploads\/2018\/09\/arun-jaitley-bank-300x206.png\" alt=\"\" width=\"540\" height=\"371\" srcset=\"https:\/\/tehelka.com\/media\/2018\/09\/arun-jaitley-bank-300x206.png 300w, https:\/\/tehelka.com\/media\/2018\/09\/arun-jaitley-bank-768x527.png 768w, https:\/\/tehelka.com\/media\/2018\/09\/arun-jaitley-bank-100x70.png 100w, https:\/\/tehelka.com\/media\/2018\/09\/arun-jaitley-bank-218x150.png 218w, https:\/\/tehelka.com\/media\/2018\/09\/arun-jaitley-bank-696x478.png 696w, https:\/\/tehelka.com\/media\/2018\/09\/arun-jaitley-bank-612x420.png 612w, https:\/\/tehelka.com\/media\/2018\/09\/arun-jaitley-bank.png 915w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/><\/a>In a big relief to real estate sector, the GST Council on Sunday slashed tax rates of under-construction housing properties to 5 percent without input tax credit (ITC), from the existing 12 percent.<\/span><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Real estate sector is one of the largest contributors to the national GDP and provides employment opportunity to large numbers of people. \u201cHousing for All by 2022\u201d envisions that every citizen would have a house and the urban areas would be free of slums. There are reports of a slowdown in the sector and low off-take of under-construction houses which needs to be addressed. To boost the residential segment of the real estate sector, the following recommendations were made by the GST Council in its 33rd\u00a0meeting held on Sunday.<\/span><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">GST shall be levied at an effective rate of 5% without ITC on residential properties outside the affordable segment.<\/span><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">GST shall be levied at effective GST of 1% without ITC on affordable housing properties.<\/span><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">The new rate will be applicable from the 1st\u00a0of April, 2019.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a big relief to real estate sector, the GST Council on Sunday slashed tax rates of under-construction housing properties to 5 percent without input tax credit (ITC), from the existing 12 percent. Real estate sector is one of the largest contributors to the national GDP and provides employment opportunity to large numbers of people. [&hellip;]<\/p>\n","protected":false},"author":37,"featured_media":302765,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[167,36],"tags":[394],"_links":{"self":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/309757"}],"collection":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/comments?post=309757"}],"version-history":[{"count":1,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/309757\/revisions"}],"predecessor-version":[{"id":309758,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/309757\/revisions\/309758"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/media\/302765"}],"wp:attachment":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/media?parent=309757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/categories?post=309757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/tags?post=309757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}