The Goods and Services Tax (GST) Council met for its 33rd meeting and slashed GST rate on under-construction residential properties and the affordable housing projects. The revised rates will be applicable from April 1, 2019.
Here are the revised GST rates:
- In case of non-affordable houses, the GST rate for under-construction flats and houses has been brought to 5% without Input Tax Credit (ITC), down from the present 12%.
- In case of affordable houses, the GST rate has been reduced to 1% without ITC from 8%.
The decision was based on recommendations of a Ministerial Panel headed by Gujarat Deputy Chief Minister Nitin Patel.
Source- Press Information Bureau (PIB)