Menu
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)
Quick Summary
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 ).
Recent Topics :
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
- Demand from TRACES
- FY 2025-26 ITC CLAIM DUE DATE
- 96084000 and 48202000 HSN code ka Tax Rate kya hai
Related Topics :
CAclubindia
