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Real estate players will have to take loss of credit of around 5-7%, say experts

March 13, 2019 / Knight Frank

The GST Law and Fitment Committee has proposed that the input tax credit (ITC) on input goods & input services lying unused as of March 31, 2019 shall be reversed by the real estate developers through GSTR 3B, sources told CNBC-TV18. The government feels that the ITC benefit available to the real estate developers will lapse from April 1, 2019 any new invoice raised by builders will have to be charged at 1 percent for affordable housing without ITC and at 5 percent without ITC for other than affordable housing.