Realty firms have time till Jun 30 to pay GST on shortfall in input procurement from dealers

Real estate companies that opted for lower GST rates of 1 per cent and 5 per cent from April 1, 2019, but could not procure 80 per cent of the total supplies from registered dealers, will have to pay tax on the shortfall in such procurement by June 30. The GST Council had allowed real estate players to shift to 5 per cent GST rate for residential units and 1 per cent for affordable housing without…