4월부터 적용될 새로운 GST 부동산 비율, 등록된 딜러로부터 80%의 자재 New GST real estate rate to be applicab le fr om April, source 80% materials fr om registered dealer
[INDIAN REAL ESTATE NEWS] Good morning, everyone. I’m Jung Hayeong staff of Kamagroup Pvt. Ltd. Here I have an important INDIAN REAL ESTATE news to share with you which is as undermentioned
The GST Council Tuesday approved a transition plan for the implementation of new tax structure for the real estate sector with applica ble rules for housing units being applica ble fr om April 1, 2019.
The Council also decided that under construction projects will have an option to shift to new rate. The GST Council in its 33rd meeting on February 24, 2019 had come up with new rates for housing units. GST will be levied at effective rate of 5% without ITC on residential properties outside afforda ble segment, while GST shall be levied at effective GST of 1% without ITC on afforda ble housing properties.
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 lakh (both for metropolitan and non-metropolitan cities) has been categorized as afforda ble housing. Metropolitan cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR).
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