GST payable on under construction flat

Dear Sir,

Hope you are doing well !!

 The GST on under-construction flats, which are not in the affordable housing segment, has been reduced to 5% without input tax credit (ITC) from 12% earlier with the ITC. The GST rate on affordable homes has been reduced to 1% without the ITC from earlier 8% with the ITC.

The rate cut is for under-construction property or ready-to-move-in flats where the completion certificate is not issued at the time of sale. Properties, for which construction has been completed, attract stamp duty, not the GST.

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Dear Sir,

The GST on under-construction flats, which are not in the affordable housing segment, is 5% now as against 12% earlier. Under-construction properties priced up to ₹45 lakh will now be treated as affordable housing projects and will attract 1% GST .

Regards

Shiv Kumar Agarwal

Hi

The  GST for under-construction affordable housing units is 1%, while for non-affordable projects it is 5%, without input tax credit.

After April 2019 GST rates on new project would be 5% on normal houses and 1% on houses covered under PMAY.

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Thank you

5% GST will be applicable on the flat price.

Hello,

The GST applicable to under-construction flats is 5%. If the property is covered under affordable housing  project the GST rate would be 1%

I hope this answer satisfies your requirements. 

Regards,

CA Hunny Badlani

Hi

GST on  under-construction flats is 5%. If the property is an affordable housing project the GST rate would be 1%.

A residential house/flat of carpet area up to 90 sqm (square meter) in non-metropolitan cities and towns and 60 sqm in metropolitan cities having value up to Rs 45 lakh, both for metropolitan and non-metropolitan cities is considered as affordable housing.