<h1>GST Council Finalizes New Real Estate Tax Rates: 1% for Affordable Housing, 5% for Others Without ITC.</h1> The GST Council, in its 34th meeting on March 19, 2019, finalized the implementation of new GST rates for the real estate sector. For ongoing projects, promoters can choose to continue with old tax rates or switch to new rates of 1% for affordable housing and 5% for other housing without input tax credit (ITC). Conditions include purchasing 80% of inputs from registered entities. For projects starting after April 1, 2019, tax on Transferable Development Rights (TDR), Floor Space Index (FSI), and long-term leases will be exempt if flats are sold before completion. ITC rules will be amended for clarity in real estate projects.