CREDAI resists proposed 18% GST on Floor Space Index for Real Estate Projects

The Confederation of Real Estate Developers Associations of India (CREDAI) has raised concerns about the proposed 18% GST on Floor Space Index (FSI) for real estate projects. The proposed tax rate is expected to significantly impact the cost structure of real estate developers, leading to higher prices for consumers. CREDAI has called for a review of this proposal, urging the GST Council to reconsider the 18% tax rate on FSI. The organization argues that the increased tax burden will affect the affordability of real estate projects and could slow down the growth of the real estate sector. Real estate stakeholders are closely watching the GST Council's decisions regarding this proposal.