GST cut on realty sector to boost sales

NEW DELHI: Realtors body CREDAI on Friday said housing sales will rise if GST rate on under-construction flats is reduced to 3 and 5 per cent as likely to be recommended by a group of ministers under the GST council. A panel of state ministers favoured lowering GST on under-construction residential properties to 5 per cent, from 12 per cent currently. The Group of Ministers, under Gujarat Deputy Chief Minister Nitin Patel, was set up last month to analyse tax rates and issues/challenges being faced by the real estate sector under the GST regime.