Dear Sir / Madam,
My Client Business is Construction Related. And I want to know what is the GST Rate for Affordable Housing.
Thanks
- On 24 Feb 2019, GST Council decided that after removal of ITC, the rates will be 5 % for normal housing projects and 1 % for affordable homes.
- A residential property, with a carpet area of up to 90 sq.mts in non-metropolitan cities and 60 sq.mts in metro cities (Delhi-NCR, Bengaluru, Chennai, Hyderabad, Mumbai-MMR and Kolkata) with the value up to Rs 45 lakhs would fall under the affordable housing category.
- Effective from 1st April 2019, the GST applicable for affordable homes is 1% without Input Tax Credit (ITC).
CAclubindia
