Big boost for real estate, say industry experts on GST relief on construction materials

GST Council has approved a complete overhaul of the Goods and Services Tax (GST) regime. The panel approved simplifying the GST from the current four slabs - 5 per cent, 12 per cent, 18 per cent and 28 per cent - to a two-rate structure of 5 per cent and 18 per cent. A special 40 per cent slab is also proposed for a select few items such as high-end cars, tobacco and cigarettes. This will be effective from September 22 - the first day of Navaratri.

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