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GST Council may restrict use of tax credits, allow concessional rate on March 19, says report

GST Council may restrict use of tax credits, allow concessional rate on March 19, says report

GST Council may restrict use of tax credits, allow concessional rate on March 19, says report
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By CNBC-TV18 Mar 12, 2019 8:31:54 AM IST (Published)

The Goods and Services Tax (GST) Council is likely to limit the tax credits usage collected by builders and allow a concessional rate for up to 10 percent of commercial property such as shops in residential areas, expecting realtors to reduce prices, The Times of India reported.

The Goods and Services Tax (GST) Council is likely to limit the usage of tax credits collected by builders and allow a concessional rate for up to 10 percent of commercial property such as shops in residential areas, expecting realtors to reduce prices, The Times of India reported.

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According to the report, the government officials are in favour of accepting the recommendations of a ministerial panel, which had suggested that intermediate tax on development rights, lease premium, floor space index and similar items should be exempted for houses when a completion certificate is not issued.
In the previous meeting, the GST Council had agreed to reduce the levy on under-construction residential projects to 5 percent without input tax credit from the current 12 percent.
The GST Council meeting is scheduled to take place on March 19.
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