Jaitley in his blog wrote that a single slab GST is possible only in affluent countries.
Generally, builders have to transfer the benefit amount to the extent of input tax credit.
Currently, the GST on under-construction flats is 12 percent after allowing for the cost of land (this is out of GST).
The government wants to bring all the items at two standard rates of 12 percent and 18 percent.
The GST Council has reduced tax rates on 23 goods and services.