Can builders claim ITC for material bought before April 1? GST council to clarify next week

The Goods and Services Tax (GST) Council will meet on March 19 to finalise guidelines and rules for changed tax rates of under construction houses. In the last meeting held on February 24, the Council had decided to lower the rate of GST from 12 percent to 5 percent in the case of normal housing and slashed the rate on affordable housing from 8 percent to 1 percent. Builders, however, will not be…