The Confederation of Real Estate Developers Association of India (CREDAI) has appealed for revision in GST for affordable housing. Under such circumstances, GST rates for developers is fixed at 5 per cent in 2019 without Input Tax Credit (ITC). While the cement is taxed at 28 per cent, most other construction materials and labour are taxed at 18 per cent. This amounts to a GST of around 11 per cent being borne by the developer. Hence, CREDAI Coimbatore requested that the GST rate be fixed suitable with the benefit input credit.

Source: The Hindu October 22, 2023 04:32 UTC