Case of Raymond Limited Realty Division, AAR Maharashtra Ruling Dated 30th April 2025. Realty Division, a business vertical of Raymond Limited, has not applied the pre 1st April 2019, GST rate of 12% (with Input Tax Credit) for all towers in its “Ten X Habitat” residential project. The ruling states that only three out of the ten towers within the project meet the criteria for an “ongoing project,” thus limiting favourable tax treatment to these initial phases.