Realtors have time till May 10 to opt for old GST rates
Updated : April 02, 2019 05:36 PM IST
The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification giving real estate companies a one-time option to choose either of the tax rates.
In case, realtors do not exercise the option, they will be covered under the lower tax rate of 5 per cent and 1 per cent with effect from April 1, 2019, and will not be entitled to avail tax credit on inputs.
Further the CBIC has also asked builders to maintain project wise account of inward supplies from registered and unregistered supplier.
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