- Current Affairs 20th March 2019. GST committee today approved a transition plan for new Goods and Services Tax (GST) rates on residential properties under which developers of under-construction buildings may either opt to shift to the revised lower rates without input tax credit or stick to the previous rates.
- Revenue Secretary, Shri Ajay Bhushan Pandey informed that for housing projects launched on or after the first of April 2019, the developers will have to adhere to the new GST rates recommended by the council last month.
- Developers can also opt for different GST options for separate buildings in a project depending on if construction started before or after 31st March 2019.
- Mr. Pandey added that there will be no revenue loss to the government due to the new GST structure for under-construction housing.
Published On : 20 Mar 2019
Current Affair
