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Realtors have time till May 10 to opt for old GST rates

Real estate firms have time till May 10 to communicate to their respective jurisdictional officers whether they want to continue with the old GST rates with input tax credit, failing which they will be deemed to have migrated to new tax rates with effect from April 1, 2019. The GST Council had given the option to real estate companies to either opt for old rates of 12% (for residential) and 8% (affordable housing) with input tax credit (ITC) benefits or the new tax rates of 5% for residential units and 1% for affordable housing without ITC claims.

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