GST Council Approves Transition Plan For New GST Rates

GST council approved a transition plan for new goods and services tax 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 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.

Source- DD News

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