In a big relief to home buyers, the GST Council has slashed tax rates on under-construction housing properties to 5% without input tax credit, from the existing 12%. The Council also cut GST rates on affordable housing to 1% from the current 8% and expanded the scope of affordable housing to those costing up to ₹45 lakh and measuring 60 sq. meter in metros and 90 sq. meter in non-metro cities.
The new tax rates will come into effect from April 1, 2019.
Currently, the GST is levied at 12% on payments made for under-construction properties or ready-to-move-in flats where completion certificate has not been issued at the time of sale.
The new tax rates will come into effect from April 1, 2019.
Currently, the GST is levied at 12% on payments made for under-construction properties or ready-to-move-in flats where completion certificate has not been issued at the time of sale.
No comments:
Post a Comment