Gst tax rate ready for occupation apartment

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manager
84 Points Posted on 30 June 2020
what is the gst rate for New House buying in apartment with occupation
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On 30 June 2020 at 17:16 Report
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Quick Summary
The Goods and Services Tax (GST) rate for new apartments depends on their completion status. If an apartment has obtained its occupancy certificate, no GST is applicable. However, if construction is ongoing, GST applies at 1% for affordable housing and 5% for non-affordable housing, provided construction began after May 1, 2018. For older projects not opting for the new rate, GST is 18%, effectively 12% after land deduction.

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Assistant Manager
787 Points Posted on 30 June 2020
If the construction of apartments are completed / occupancy certificate for the apartments is already obtained. There will not be any GST. Else it will we 1% for affordable houses or 5% for other than affordable Houses (If the construction was started after 1/05/2018
Further if it is old projects who has not opted for new rate it ll be 18% ( with 1/3rd land deduction) so effective rate would be 12%
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On 30 June 2020 at 17:30
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manager
84 Points Posted on 30 June 2020
Thank you sir
2 Reply
On 30 June 2020 at 17:51

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