Govt. clarifies effective ITC to builders pre & post GST, requires passing lower tax benefit

FinMin issues clarification on effective rate of tax and credit available to builders for payment of tax under pre and post GST regime; Clarifies that while applicable GST rate for Affordable housing segment is 8% and other segment 12% after 1/3rdabatement of value of land, major construction materials, capital goods and input services used for construction of flats, houses, etc. attract GST of 18% or more; Explains that ITC available and weighted average of ITC incidenc...