CAN BUILDER/DEVELOPER SHIFT TO 5% FROM 12%

[NAMAN DOKANIA]

A builder has opted for 12% by filing annexure 4. He now wants to shift to 5%, and come under the new scheme. How can he opt for the same??

AI Summary

Builder Can't Switch from 12% to 5% GST Rate After Initial Choice; Legal Risks Highlighted for Reverting Decision. A builder, having initially opted for a 12% GST rate by filing Annexure IV, inquires about shifting to a 5% rate under a new scheme. The responses indicate that such a change is not permissible after opting for the 12% rate. One respondent suggests checking if the project qualifies for the 5% rate automatically if it started after April 1, 2019. Another warns that attempting to revert to the 5% rate could lead to legal complications and potential scrutiny for previously availing the 12% rate.