New Delhi, Mar 19: In its bid to provide relief to developers, Goods and Services Tax (GST) Council on Tuesday said that new GST rates will be implemented for new residential projects from April 1, 2019.
Revenue Secretary Ajay Bhushan Pandey, while briefing reporters here, said, "The new rate is 5 per cent without tax credit or 1 per cent without input tax credit. All buildings that begin work from April 1 will have to adhere to these new rates."
"Developers who choose to opt for new rates will have to proportionately reverse their input credit," he added. "Developers will have the option to choose old GST rate in consultation with states for projects under construction as on March 31," he added. (UNI)