GST on Real Estate | Analysis of GST on Real Estate Sector | Impact of GST on Real Estate 

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GST on Real Estate | Analysis of GST on Real Estate Sector | Impact of GST on Real Estate discussed by CA. Aditya Dhanuka.
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• GST on Real Estate | A...
In March 2019, the GST Council cut the tax rates to 5% from 12% on residential properties and 1% from 8% for the affordable housing segment. ... However, ITC benefits will not be available under the new tax rate policy.
Notifications 3/2019 to 8/2019 were released on 29th March 2019 and are effective from 01st April 2019, which have proposed major amendments to boost up the growth of real estate sector
Builders to have one-time option for ONGOING PROJECTS:
To pay tax at existing rates of 12% (affordable houses) or 18% (others) with ITC or
To pay tax at new rate i.e. 1.5% (affordable houses) or 7.5% (non affordable houses) without ITC
Option to be exercised by filing notified form on or before 20th May*, 2019
In case no option is exercised, new scheme will compulsorily apply
This option is available only for ongoing projects
New Projects commencing on or after 1st April, 2019, will be under new
scheme only.
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