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Real estate developers will have 10 more days to decide on whether or not to migrate to the new lower tax regime. According to the GST Council, the date has been extended to May 20 from May 10.
The developers have been given a one-time option to continue with the existing slabs (effective rate of 12 per cent for regular and five per cent for affordable housing) or switch to the new slabs (5 per cent for non-affordable and 1 per cent for affordable housing) for under-construction or ongoing projects. If the option is not exercised, by default the new rate will be applicable, but without input tax credit.
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