Council clears proposal reducing GST rates for real estate

GST Council in its 33rd meeting clears proposal to lower GST rates for real estate; Reduces the rate to 5% without ITC for non-affordable housing and 1% without ITC for affordable housing; Considers residential properties with cost of Rs 45 lakhs as affordable & in terms of size, 60 sq. mts. for metros & 90 sq. mts. for non-metros to be considered affordable housing; Refers back the proposal of rate revision on lottery to GoM for more deliberations : CN...