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GST Council approves transition plan for new tax rates for real estate sector - Mr Pandey

Infra News - Published on Fri, 22 Mar 2019

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PTI cited Revenue Secretary Mr AB Pandey as saying that the all-powerful GST Council approved a transition plan for the implementation of new tax structure for housing units. Reasonable time for transition will be given to developers in consultation with states.

The meeting deliberated on the transition provision and related issues for the implementation of lower GST rates for the real estate sector. The Council had in its last meeting on February 24, slashed tax rates for under-construction flats in affordable category to 1 per cent. GST rate on other categories was reduced to 5 per cent, effective April 1.

Mr Pandey said GST rates for new projects will be mandatory from April 1.

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Posted By : Rabi Wangkhem on Fri, 22 Mar 2019
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