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Higher GST will apply to dues on finished real estate projects: CBIC

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% GST with input tax credit or 5% GST without input tax credit
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 ...