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GST on real estate cut down to boost sector & provide relief to middle class

Big relief to real estate sector! Goods and Services Tax Council slashed the tax on under-construction houses to 1% (from existing 8%) for properties valued up to ₹45 lakh and 5% (from existing 12%), for those in the premium segment. New rates would come into effect from April 1st. This would boost the troubled real estate sector, which would also bring relief to aspiring homebuyers (specifically neo-middle classes).