Council prescribes conditions for availing reduced rates, new rates applicable where option not exercised for ongoing projects

GST Council, during its 34th meeting today, discussed operational details for implementation of recommendations made by the Council in its 33rd meeting for lower effective GST rate on real estate projects; Provides promoters with an option to continue to pay tax at old rates viz. 8% and 12% with ITC on ongoing projects not completed before March 31, 2019 while providing that where option is not exercised within prescribed time limit, new rates shall apply; New tax rates ...