what is the new gst rate on purchasing of new flats? is it change or not
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GST rate on purchasing of flats
Replies (6)
To reduce the burden of GST on home buyers, GST council has reduced the rate of tax to 5% without ITC for non-affordable houses and 1% without ITC for affordable house. Here, affordable house/flat is one of carpet area up to 90 sq.m. in non-metropolitan cities and 60 sq.m. in metropolitan cities, having value up to Rs.45 lakhs only, in both cases.
The proposed rates shall apply from 1st April, 2019.
While no GST over completed or ready to move in flats.
but builder still have choice ?
isn't it so that @ 12%
isn't it so that @ 12%
Yes.......... 12 % with ITC
But the 12% with ITC will not be applicable for builders w.e.f 01.4.2019 for projects started on and after 01.04.2019.
Dear Shivam :
One-time option (to be exercised once by 10th May, 2019) to
continue to pay tax at the old rates (effective rate of 8% or
12% with ITC) on ongoing projects (buildings where
construction and actual booking have both started before
01.04.2019) and which have not been completed by
31.03.2019.
One-time option (to be exercised once by 10th May, 2019) to
continue to pay tax at the old rates (effective rate of 8% or
12% with ITC) on ongoing projects (buildings where
construction and actual booking have both started before
01.04.2019) and which have not been completed by
31.03.2019.
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