Update - India GST Rate Reduction for Residential Property

As previously reported, decisions were made during India's GST Council meeting held 24 February 2019 including a reduction in the GST rates for residential property, which includes:

• An effective GST rate of 5% without input tax credit (ITC) on residential properties outside the affordable segment; and
• An effective GST of 1% without ITC on affordable housing properties.

This reduction is in force with effect from 1 April 2019, with an option in respect of ongoing projects. This includes tha…