The GST Council on Tuesday cleared a transition plan for the implementation pertaining to the new tax structure for housing units, said A B Pandey, Revenue Secretary.
Informing the media after completion of the meeting, Pandey said that the reasonable time for the transition will be provided to developers in consultation with states.
The meeting focused on the provision of transition and associated issued for the implementation of GST rates meant for the real estate sector.
In its previous meeting on February 24, the Council reduced tax rates for under-construction flats in affordable category to one percent. GST rate on other categories were also reduced to 5 percent, effective April 1.
Goods and Services Tax (GST) for new projects will be compulsory from April 1, said Pandey.
The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.
Get a chance to meet the Who's who of the BFSI industry. Join Us for 7th NBFC100 Tech Summit, Chennai and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.