GST On Under-Construction Flats Slashed Down To 5% And Affordable Housing To 1%

Dated on: Monday 25th February 2019

The GST Council has slashed down the tax rates for under-construction flats to 5 per cent and affordable homes to 1 per cent with the main aim of augmenting the demand in the real estate sector. The amendment will come into effect from April 1.

At present, the goods and services tax (GST) is levied at 12 per cent with input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats where completion certificate is not issued at the time of sale and for affordable housing units, the existing tax rate is 8 per cent.

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