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GST Council may restrict use of tax credits by builders, allow concessional rate

The GST Council is likely to limit the use of tax credits collected by builders and allow a concessional rate for up to 10% of commercial property such as shops in residential areas. The government is keen to ensure that builders do not raise prices. The GST Council in its previous meeting had agreed to reduce the levy on under-construction residential projects to 5% without any input tax credit from the current 12% with credit for taxes paid on inputs such as paints, steel, cement, and sanitary ware. The GST Council meeting is scheduled to take place on March 19.

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