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The 34th GST Council Meeting was held on the 19th of March 2019. The GST Council primarily discussed the operational details for implementation of the recommendations made at the 33rd meeting for the lower effective GST rate applicable for real estate.
In this blog, we will detail out the decisions taken by the GST Council at the 34th meeting.
As per the 34th GST Council Meeting, the new tax rates which shall be applicable to new projects or ongoing projects, which have exercised the above option, are as follows:
At the 34th GST Council Meeting, the new GST rates of 1% (on construction of houses falling within the affordable segment) and 5% (on houses outside the affordable segment) shall be available subject to following conditions –
As per the 34th GST Council meeting, the ITC rules shall be amended to bring greater clarity on monthly and final determination of ITC and reversal thereof in real estate projects. The change would clearly provide a procedure for availing input tax credit in relation to commercial units as such units would continue to be eligible for input tax credit in a mixed project.
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