GST rate 7.5% applicability
This query is : Resolved
20 July 2023
In which case GST @ 7.5% is chargeable, please suggest with some example . Thank you
20 July 2023
GST Rates on Real Estate on or after 01st April 2019
In the 33rd GST Council meeting dated 24.02.2019 following rates revision for residential apartments are recommended and which are finalized in 34th GST Council meeting dated 19.03.19 applicable from 01.04.2019 :
1. GST @ 1.5% (Effective rate 1% after deducting Land Cost) without ITC for affordable residential apartments.
2. GST @ 7.5% (Effective rate 5% after deducting Land Cost) without ITC for residential apartments other than affordable residential apartments.
In the 33rd GST Council meeting dated 24.02.2019 following rates revision for residential apartments are recommended and which are finalized in 34th GST Council meeting dated 19.03.19 applicable from 01.04.2019 :
1. GST @ 1.5% (Effective rate 1% after deducting Land Cost) without ITC for affordable residential apartments.
2. GST @ 7.5% (Effective rate 5% after deducting Land Cost) without ITC for residential apartments other than affordable residential apartments.
20 July 2023
Then sir , for a flat costing Rs.60,00,000/- how I charged GST ; I mean 5% on Rs.60,00,000/- or 7.5% on 60,00,000/- ?
21 July 2023
It's 5% on 60,00,000..
21 July 2023
Thank you Seetharaman Sir.
21 July 2023
You are welcome...
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