GST Council Tuesday approved a transition plan for the implementation of new tax structure for the real estate sector with applicable rules for housing units being applicable from April 1, 2019. 

 

Key Outcome :

 

v Under construction projects will have an option to shift to new rate

 

v 80% procurement of materials should be from registered dealer. 

 

v Up to 15% of commercial space to be treated as residential property.

 

v Reversal of ITC should be done on Proportionate Basis.

 

v  The Time Limit for Transition will get approval after discussing with States.

 

Compiled By :

Ca Vikas Golchha

(CA , CS , DISA )

National Faculty GST

 

Mail : gsthelp24@gmail.com