India's Central Board of Indirect Taxes and Customs (CBIC) has published FAQs on real estate- reg. (F. No. 354/32/2019-TRU), which includes a compilation of Frequently Asked Questions (FAQs) to address a number of issues that have been raised regarding the new GST rate structure for the real estate sector. The new rate structure came into effective on 1 April 2019 and includes a reduced GST rate of 5% without input tax credit (ITC) on residential properties outside the affordable segment, and a reduced rate of 1% without ITC on affordable housing properties (previous coverage).
The answers to the FAQs have been given in simple language for guidance and easy understanding of all stakeholders in the real estate sector. They do not have the force of law and in case of conflict, the gazette notifications, which have legal force, shall have precedence.
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