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GST on purchase of property
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%?
Replies (3)
It will be 5%
5% because to qualify for lower rate of GST @ 1%, both the conditions needs to be satisfied
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 ).
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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