GST rate cut: A welcome move by the real estate industry

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By Mr. Madhusudhan G, Chairman and MD, Sumadhura Group 

“The approved reduction in the levy on under-construction homes and the raised threshold for affordable housing by the GST Council is largely seen as a welcome move by the industry, especially for the home-buyers segment. As pointed out by our finance minister, the move will certainly make housing affordable for middle class, neo-middle class and aspirational class. However, in order to fulfill the government’s mission of ‘Housing for all by 2022’, the ITC (input tax credit) I opine should continue or else it is likely to put the entire tax burden on developers hitting the real estate down further.”

Corproate Comm India(CCI Newswire)