The GST Council on March 19 allowed builders to choose between higher rates with input tax credits (ITC) on raw material or lower duties without any such benefits for unfinished projects.The Council, headed by Finance Minister Arun Jaitley, which met through video conferencing in New Delhi, decided that builders can pick between paying 12 percent for non-affordable houses with ITC benefits or 5 percent without the tax rebates for under-construction houses.Likewise, for ‘affordable housing projects’, builders can choose between 8 percent with tax rebates or 1 percent without it, Revenue Secretary Ajay Bhushan Pandey said.Close The new rates, without ITC benefits, will apply for all projects that begin construction only after April 1, Pandey said. related news JSW Steel output falls 13 pc to 12.54 LT in October XLRI hosts 10th edition of annual finance symposium GNOSIS in Mumbai Govt to consider TCS, Infosys proposals to set up SEZ on Nov 15 In the last meeting held on February 24, 2019, the Council had lowered the GST rate to 1 percent from 8 percent for ‘affordable houses’ and to 5 percent from 12 percent for other houses.The new rates will kick in from April 1, 2019, but builders will not… Read full this story
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