GST rates for new projects to be mandatory from April 1 - Revenue Secretary
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The GST Council on March 19 approved the transition plan for new GST tax structure for residential plots.
"The new rate is 5% without tax credit or 1% without input tax credit. All buildings that begin work from April 1 will have to adhere to these new rates," said Revenue Secretary Ajay Bhushan Pandey.
Pandey said developers who choose to opt for new rates will have to proportionately reverse their input credit. He also said the time limit for transition to new rates will be discussed with states.
Moneycontrol had earlier reported that the Council will clarify the rules under which builders will be allowed to claim ITC benefits for under-construction houses until April 1, 2019.
In the previous meeting held on February 24, the high-powered GST Council slashed tax rates for under-construction flats to 5 percent and affordable homes to 1 percent, effective April 1. #casansaar (Source - MoneyControl)
"The new rate is 5% without tax credit or 1% without input tax credit. All buildings that begin work from April 1 will have to adhere to these new rates," said Revenue Secretary Ajay Bhushan Pandey.
Pandey said developers who choose to opt for new rates will have to proportionately reverse their input credit. He also said the time limit for transition to new rates will be discussed with states.
Moneycontrol had earlier reported that the Council will clarify the rules under which builders will be allowed to claim ITC benefits for under-construction houses until April 1, 2019.
In the previous meeting held on February 24, the high-powered GST Council slashed tax rates for under-construction flats to 5 percent and affordable homes to 1 percent, effective April 1. #casansaar (Source - MoneyControl)
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