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Tax dept asks builders to refund GST on canceled flats booked in FY19

For the ongoing projects, builders have been given the option to either continue in 12% GST slab with ITC, or opt for 5% GST rate (1% for affordable housing) without ITCBuilders will be able to issue a 'Credit Note' to the buyer as per provisions of Section 34 in case of change in price or cancellation of booking

3 min read8 May 2019

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