The ministerial panel was set up in January to consider a scheme that will boost the real estate sector, which has been struggling with record inventories. At present, the effective rate of GST on under-construction flats is 12% after allowing for the cost of land, which is out of GST. “Real estate is a major industry after agriculture. We are working out tax relief measures for residential flats. Recommendations on real estate will be finalised in two-three days."

Source: Mint February 08, 2019 13:16 UTC