GST on purchase of property

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34 Points Posted on 16 February 2020
As per new gst rules property in a non metro which is below 90 sqmt and priced below 45 lakhs shall attract 1% gst. Now if someone has got a property above 90 sqmt but price is below 45 lakhs, then what will be the applicable gst rate, 1% or 5%?
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On 16 February 2020 at 09:04 Report
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Quick Summary
This discussion clarifies the Goods and Services Tax (GST) applicable to property purchases under new rules. It explains that to qualify for the reduced 1% GST rate, both the property size (below 90 sqmt) and the price (below 45 lakhs) must be met. If either condition is not satisfied, the standard 5% GST rate will apply.

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GST Consultant
15986 Points Posted on 16 February 2020
It will be 5%
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On 16 February 2020 at 09:26
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15 Points Posted on 16 February 2020
5% because to qualify for lower rate of GST @ 1%, both the conditions needs to be satisfied
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On 16 February 2020 at 11:35
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Student
23693 Points Posted on 16 February 2020
GST Rate will be 5%.

For charging 1% GST, i.e. incase of AFFORDABLE HOUSING SEGMENT, "both" the conditions needs to be satisfied ( 90sqmt and Price should be within Rs. 45 lakhs ).
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On 16 February 2020 at 23:01

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