GST on below construction homes slashed to five percent

In an exceedingly boost to the housing sector, the products and Services (GST) Council on Sunday determined to suggest lower GST levy on under construction homes, as well as within the affordable section.

 on April one st new rates is anticipated to return into impact. below the new structure, traditional under-construction homes can attract GST at five per cent against this effective rate of twelve per cent. Similarly, the levy on affordable homes are going to be one per cent against eight per cent, now. each these levies are going to be while not Input reduction.

Also, completed flats, however with no completion certificate can return below the GST regime. Finance Minister Arun Jaitley expressed hope that the lower levy can provide a boost to ‘housing for all’. The GST Council conjointly determined to re-define an affordable home.

By the new definition, it’ll be a house/flat of carpet space up to ninety m in non-metropolitan / cities, and sixty m in cities having worth up to forty five lacs (for both). Metropolitan cities embrace Bengaluru, Chennai, Delhi-NCR cut, (limited to metropolis, Noida, bigger Noida, Ghaziabad, and Faridabad), Hyderabad, Kolkata and metropolis (Whole of metropolis Metropolitan Region). the conditions want for the Affordable

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