Daily Tax Report: International

India Softens Real Estate Tax Cut Amid Pushback

March 19, 2019, 3:19 PM

Indian tax authorities have rolled out a phased scheme to lower tax rates on real estate amid concern from developers that the proposal would actually increase their costs.

The Goods and Services Tax Council said March 19 that developers can choose to continue charging higher tax rates and claiming input tax credits for properties currently under construction, but that the new regime will take effect for all residential construction projects in April.

The tax cut is intended to counter a slowdown and spur activity in the real estate sector, the government said in February. Worth $120 billion in 2017...

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