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First of all, we have to understand important Definition of Important Terms

Real estate project(REP)  means

  • Development of a building or a building consisting of apartments, OR
  • Converting an existing building or a part thereof into apartments, OR
  • The development of land into plots or apartment
  • For the purpose of selling all or some of the said apartments or plots or building
  • And includes the common areas, the development works, all improvements and structures thereon, and all easement, rights and appurtenances belonging thereto

Residential Real Estate Project(RREP) means 

Real Estate Project(REP) In which Carpet area of commercial apartment is not more than (i.e. less than or equal to) 15% of total carpet area of all apartments in REP  (i.e. total carpet area of residential apartment + carpet commercial apartment).

Residential apartment means: Apartment intended for residential use as declared with RERA
Commercial apartment means:  Apartment other than a residential apartment

Affordable residential apartment means

  • Residential apartment
  • Having carpet area not exceeding 60 square meter in metropolitan* city OR
  • 90 square meter in cities or towns other than metropolitan* cities AND
  • For which the gross amount charged is not more than 45 lakh rupees.

*Metropolitan cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai.

GST RATE IN CASE OF RREP

  • Affordable Residential Apartments -- CGST 0.50% + SGST 0.50% = 1%
  • Apartments OTHER THAN Affordable Residential apartments -- CGST 2.50% + SGST 2.50% = 5%        
  • Construction of commercial  Apartments --  CGST 2.50% + SGST 2.50% = 5%      

GST RATE IN CASE OF REP other than RREP

  • Affordable Residential Apartments -- CGST 0.50% + SGST 0.50% = 1%
  • Apartments OTHER THAN Affordable Residential apartments -- CGST 2.50% + SGST 2.50% = 5%        
  • Construction of commercial  Apartments --  CGST 6% + SGST 6% = 12% 

 

Published by

CA Shail Thakkar
(Chartered Accountant)
Category GST   Report

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