At the last meeting, the council — comprising state and Union finance ministers — had agreed to reduce the levy on under-construction residential projects to 5% without input tax credit (ITC) from the current 12%, with credit for taxes paid on inputs such as paints, steel, cement and sanitary ware. For affordable housing projects, the rate will be slashed to 1%.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2HeYlow
