34th GST Council Meeting held on 19th March 2019 by Video Conferencing (Highlights)

The 34th GST council meeting has been finally concluded on a good note for all the builder community as they have got a relaxed option for the rate cut. The community may choose one of the GST rates before 10th May 2019 in order to avail ITC on the old rate or they can opt for the newer rate without ITC. This was conveyed by the secretary.

The major issues of the real estate sector on which the council had earlier reduced the GST rate from 12 percent to 5 percent while reducing GST rate to 1 percent for the affordable housing sector.

• The council decides reduced down rate as 5 per cent on non-affordable and 1 per cent on affordable housing scheme applicable on under construction properties

• The old rate of 12 per cent on non-affordable and 8 per cent on affordable housing scheme can be chosen till 10th May 2019 in case the builder wants to claim ITC

• If the builder opts for the newer rate i.e. 5 per cent on non-affordable and 1 per cent on affordable housing scheme, then there will be no ITC provided .

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Blog source : GST Council official

Signed Minutes - 34th GST Council Meeting.pdf

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