GST rate for flat purchase under PMAY-CLSS

Your loan would be under PMAY-CLSS scheme.

As far as GST is concerned the flat eligible for 1% GST are are:

• A residential house/flat of carpet area of up to 90 sqm in non‑metropolitan cities/towns and 60 sqm in metropolitan cities having value up to Rs. 45 lacs (both for metropolitan and non‑metropolitan cities).
• Metropolitan Cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR) with their geographical limits prescribed by Government.

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Hi

According to the government-determined definition, housing units worth up to Rs 45 lakhs qualify as affordable housing. However, the unit must also conform to certain measurements. A housing unit in a metropolitan city qualifies to be an affordable house, if it costs up to Rs 45 lakhs and measures up to 60 sq metres (carpet area). The Delhi-National Capital Region, Bengaluru, Chennai, Hyderabad, the Mumbai-Mumbai Metropolitan Region and Kolkata are categorised as metropolitan cities. A housing unit in any other city barring the ones mentioned above in India, qualify to be an affordable house, if it costs up to Rs 45 lakhs and has up to 90 sq metres of carpet area.

It would be 1%.

Hi,

GST of 5%/1% depends on the condition whether house falls under the definition of affordable housing or not.

A housing unit in a metropolitan city qualifies to be an affordable house, if it costs up to Rs. 45 lakhs and measures up to 60 sq metres (carpet area) which becomes 645 sq. ft. 

Now as per your query, it doesn't fall under affordable house and Hence, 5% GST would be applicable.

Also GST is only applicable on the purchase of the under constructed property and not on the completed flat.

Hope i am able to solve your query. 

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CA Shubham Bansal