<p class="title">The GST Council Tuesday approved a transition plan for the implementation of new tax structure for housing units, Revenue Secretary A B Pandey said.</p>.<p class="bodytext">A reasonable time for transition will be given to developers in consultation with states, he told reporters here.</p>.<p class="bodytext">The meeting deliberated on the transition provision and related issues for the implementation of lower GST rates for the real estate sector.</p>.<p class="bodytext">The Council had in its last meeting on February 24, slashed tax rates for under-construction flats in an affordable category to 1 per cent. GST rate on other categories was reduced to 5 per cent, effective April 1.</p>.<p class="bodytext">Pandey said GST rates for new projects will be mandatory from April 1.</p>
<p class="title">The GST Council Tuesday approved a transition plan for the implementation of new tax structure for housing units, Revenue Secretary A B Pandey said.</p>.<p class="bodytext">A reasonable time for transition will be given to developers in consultation with states, he told reporters here.</p>.<p class="bodytext">The meeting deliberated on the transition provision and related issues for the implementation of lower GST rates for the real estate sector.</p>.<p class="bodytext">The Council had in its last meeting on February 24, slashed tax rates for under-construction flats in an affordable category to 1 per cent. GST rate on other categories was reduced to 5 per cent, effective April 1.</p>.<p class="bodytext">Pandey said GST rates for new projects will be mandatory from April 1.</p>