Govt panel favours lowering GST on under-construction flats to 5%

A seven-member ministerial panel led by Gujarat Deputy CM Nitin Patel favoured the lowering of the Goods and Services Tax (GST) on under-construction flats to 5% without credit for taxes paid on raw materials. Currently, GST on under-construction properties is 12% after allowing for the cost of land. Properties, where the construction is completed, attracts only stamp duty, not GST.