Optionality for Developers: Either Go for New Tax Regime or Continue With the Old One

GST
The GST council meeting held in February revamped the existing tax structure acting in the realty sector. Earlier it was 12% on real estate and 5% on affordable housing inclusive of Input Tax Credit. Input Tax Credit or ITC is the credit on the material used in the project. But in the meeting, the tax structure was revised to 5% on real estate and 1% on affordable housing without ITC. This move was somehow beneficial for the buyers, but the developers were unhappy. Their concern was not with the...
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