The GST Council after its 33rd meeting on February 24, 2019, recommended two-fold changes in GST rates for under-construction residential properties that will be effective from April 1, 2019: 5% GST without ITC on under-construction residential properties other than affordable segment, and 1% GST without ITC on affordable housing properties. Exemption from intermediate tax on development rights, such as TDR, JDA, lease (premium), etc. was also recommended by the GST Council. These recommendations will provide a fillip to the real estate sector, and support the "Housing for All by 2022" programme.
After the nod of approval from the Election Commission, the GST Council has scheduled the 34th meeting on March 19, 2019, to finalize the regulations and guidelines relating to these amendments and more importantly the transitional aspects. The proposals put forth by the GST Law & Fitment Committee will be considered at this meeting on March 19.
To decode the fine print of the recommendations, appreciate the nuances and to assess the impact on the real estate business & consumers, join us for a webinar on 'GST rate cut for real estate sector: real or illusory?' on March 20, 2019 from 3:30 PM to 4:30 PM (IST), including a Q&A session.
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