CAR PARKING AREA INCLUDING OR NOT

This query is : Resolved

YELLANKI RATHNAGIRI (Querist)
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18 March 2020 Dear all,

Mr X is a builder
he is ready to sale flats (each flat value is 28 lakhs & Non Metro City)
flat measurment is 900 sft and car parking is 80 sft

doubts
now GST to be collected 1% or 5% please tell
is gst collrected base on flat measument or including carparking area measument

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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14 June 2020 Real Estate is an important pillar of the Indian Economy. Under the earlier tax regime, various taxes like VAT, service tax, stamp duty, and registration charges were paid by the buyers. However, under GST a single rate of 12% is applicable on under construction properties whereas no GST is applicable on completed or ready to sale properties only if the Completion Certificate has been issued.

In recent policy, the GST Council has cut the tax rates to 5% from 12% on premium houses and, 1% from 8% for affordable houses. However, ITC benefit will not be available under the new tax rate policy.

https://cleartax.in/s/faqs-on-the-real-estate-sector-under-gst

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