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the Indian government has reduced the Goods and Services Tax (GST) rate for certain services related to flat construction from 18% to 12%. This reduction applies to services related to the construction of flats or apartments where the value of the flat is up to Rs. 45 lakh and the carpet area is up to 60 square meters.
The move is aimed at providing relief to homebuyers in the affordable housing segment, and is part of the government's efforts to boost the real estate sector. The reduction in GST rate is expected to make housing more affordable for middle-class families and boost demand for affordable housing projects.
The article notes that the 12% GST rate will apply to services related to the construction of affordable housing projects, including construction services, the sale of flats, and leasing of flats. However, it also points out that some services related to flat construction, such as those provided by architects, engineers, and other professionals, will continue to be taxed at the 18% rate.
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