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of <h1>New GST Guidelines: Real Estate Sector Must Align Rates; Clarifies ITC Usage and Project Definitions</h1> The circular addresses various GST-related queries concerning the real estate sector following a new GST rate structure effective from April 1, 2019. It clarifies that both landowner-promoters and developer-promoters must choose the same GST rate option for ongoing projects. For new projects, landowner-promoters can apply new rates of 1% or 5% without Input Tax Credit (ITC) but are entitled to ITC for taxes charged by developer-promoters. It also defines terms such as Residential Real Estate Project (RREP) and outlines the inclusion of various charges in determining the affordability threshold. The document further explains GST implications on development rights, slum rehabilitation, and redevelopment projects, emphasizing compliance with procurement and registration requirements.
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