Business

Home buyers confused between 5 or 12 per cent GST on flats

Builders are facing a piquant situation with homebuyers insisting that they will pay only the new rate of 5 per cent GST on flats even though the developer has opted for the old rate of 12 per cent to take advantage of credit on inputs like paints, cement and steel.

As part of rationalisation of the Goods and Services Tax (GST) on real estate sector, the GST Council has allowed builders to migrate to 5 per cent rate for residential units and 1 per cent for affordable housing without the benefit of input tax credit (ITC) from April 1, 2019.

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