Recommendations of 34th GST Council Meeting
GST Council’s 34th Meeting was held on 19th March 2019 at New Delhi. Therein, it discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than affordable house.
The council decided the modalities of the transition as follows:
1.Option In Respect Of Ongoing Projects
2. New Tax Rates
New rates will be applicable to new projects or ongoing projects which have exercised the option to pay tax in the new regime are as follows.
3. Conditions For New Tax Rates
New tax rates of 1% (on construction of affordable) and 5% (on other than affordable houses) shall be available subject to following conditions,
4. Transition For Ongoing Projects Opting For The New Tax Rate
5. Treatment Of TDR (Transferable Development Rights) / FSI (Floor Space Index) And Long-Term Lease For Projects Commencing After 01.04.2019
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Kavya P K
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