Reversal of ITC for Real Estate Developers

The 34th GST Council held on 19 March 2019, announced the modalities for the lower effective GST rate for Real Estate Sector. The slashed GST rate i.e. 1% in case of affordable houses and 5% on construction of houses other than affordable house came into effect from April 1, 2019, through Notification No. 03/2019 – CT(R) dated 29th March 2019 to encourage the demands for properties.