I have availed loan under PMAY. and loan is sanctioned. The builder is asking me to pay12% gst for for the registration. As i my home comes under PMAY CLSS scheme and i am eligible for affordable housing scheme for which i need to pay only 8% gst on total sale value.
You might have taken loan under PMAY but is the project of your builder covered as affordable housing that will decide whether you are eligible for 8% GST or 12% GST.
If your house admeasuring below 90 sq metre and is the consideration below 45 lakh.
This are the two basic condition to check if your house can be covered under affordable housing.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hello,
If you are covered under PMAY CLSS scheme and loan has been sanctioned under the same, you can ask the bank to give you a certificate on the basis of which the builder may charge reduced rate of GST on houses constructed/acquired under CLSS. The certificate may be addressed to the beneficiary with a copy to the builder, certifying that the borrower is a beneficiary of the CLSS.
I hope this answer satisfies your requirement.
Regards,
CA Hunny Badlani
Hi
Check with the builder whether the project is eligible for PMAY or not. If yes, produce to the builder the certificate for your eligibility and pay only 8% GST. The actual GST paid shall be mentioned in the sale deed.
Dear Sir,
Hope you are doing well !!
Effective from 25th January 2018, if you purchased the property under the Credit-Linked Subsidy Scheme (CLSS/PMAY), then the applicable GST rate will be 12%. The effective rate of 8% after deducting one-third of the amount charged for the house towards the cost of land.
- Please check whether the project is registered under PMAY or not. If your are eligible for the PMAY then submit the certificate from the banker to the builder. Also, it is important to incorporate the clause of GST paid by you in the sale deed.
Hello Sir,
Yes, you are eligible for GST@8% .
