India, March 20 -- The all-powerful GST Council allowed builders an option to choose between old tax rates and the new ones for under-construction residential projects to help resolve input tax credit issues.
The council, headed by Union Finance Minister Arun Jaitley and including representatives of all states, at its 34th meeting here laid out transition rules for the implementation of new tax rates for the real estate sector.
Builders will get a one-time option to continue paying tax at the old rates (effective rate of 8 per cent or 12 per cent with Input Tax Credit or ITC) on ongoing projects (buildings where construction and actual booking have both started before April 1, 2019, but which will not be completed by March 31, 2019), Reve...