National Real Estate Development Council lauded the Goods and Services Tax rate cut on real estate announced on Sunday.The council's national president Niranjan Hiranandani said, "Industry lauds the GST rate cut on real estate to 5 per cent on non-affordable and 1 per cent on affordable housing without the input tax credit. This will bring big relief to the home buyers."However, he added that the rate on cement was expected to get reduced but that did not happen.Hiranandani added, "The GST rate on cement has not been reduced as was expected, at 28 per cent it remains among the highest taxed inputs for construction."In an attempt to give a boost to the real estate sector, the GST Council on Sunday decided to reduce the tax on affordable housing properties without input tax credit to one per cent.The effective GST of 5 per cent shall be applicable without ITC on residential properties outside the affordable segment, which was also decided by the GST Council at its 33rd meeting.According
