 "Earlier, the GST Council had decided that with effect from April 1, builders of all under-construction houses would have two options - either pay 12% GST with input tax credit or 5% GST without input tax credit")
If you’ve got an occupancy certificate (OC) for your house before April 1 this year, the payment of pending dues would draw 12 per cent goods and services tax (GST) rate and the builder will be able to avail of input tax credit.
The Central Board of Indirect Taxes and Customs (CBIC) has come out with another set of frequently asked questions (FAQs) to clear the air on GST on real estate.
Earlier, the GST Council had decided that with effect from April 1, builders of all under-construction houses would have two options — either pay 12 per cent GST with input
