A small request to the Government: Cut GST rate on propertyThe Government is going to table the budget for the next financial year very soon. Now various parties (not political) and groups are submitting various demands before the Government. In this connection, I think that the present Government has been taking various measures to encourage people to have their own home. To facilitate this, the Government has been steadily reducing interest rate on home loans offered by banks and other financial institutions.
However, I have noted that the GST rate for real estate is presently 12% of the sales consideration. Before the imposition of GST, the Service Tax was 4.5% and VAT was 1%. So, to facilitate Government's aim to help people to have their own home, I propose that the GST rate on property must be cut down to 5% instead of present 12%. This step would undoubtedly help common people to have their own home.
What is the opinion of other Members on this issue?