Council confirms applicability of reduced GST rates on new real-estate projects from April 1

GST Council’s 34th meeting concludes; Revenue Secy confirms that reduced GST rates for new real-estate projects shall be mandatory from April 1 and real estate projects with commercial space upto 15% shall be treated as residential property for GST purposes; However, existing under-construction projects have option to either shift to new rates or continue with old rates; 80% procurement of material should be from registered dealers; Time limit for transition ...