NEW DELHI, March 13 -- The GST Council is likely to meet next week via video-conferencing to approve the rules related to under-construction buildings. It will clarify the grey areas governing the rule, according to a senior finance ministry official.In its last meeting, the council had reduced Goods and Services Tax (GST) rate for under-construction buildings from 12 per cent to 5 per cent and on projects under affordable housing from 8 percent to 1 percent according to reports published in newindianexpress.com
However, there were many grey areas left, over which developers have been seeking clarification. The Central Board of Indirect Taxes and Customs (CBIC) met several real estate sector representatives last week to discuss these grey ...