GST위원회, 주택 가격 상승 여력 확보 GST Council cuts rates sharply to make room for housing growth
[INDIAN REAL ESTATE NEWS] Good morning, everyone. I’m Kim suhyeon 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 approved a sharp reduction in the levy on homes under construction and raised the threshold for affordable housing that will make more purchases eligible for concessional tax, offering substantial relief to buyers ahead of the elections.
Starting April 1, homes under construction will be levied 5% GST, against 12%. For affordable homes, GST will drop to 1% from 8%.
Homes up to Rs 45 lakh and with a carpet area of up to 60 sq metres in metros and 90 sq metres in non-metro cities will be counted in the affordable segment, according to the new twin definition cleared by the council, which is expected to give a big boost to lower-income housing. The earlier limit was a uniform carpet area of up to 60 sq metres for a house in an approved affordable housing scheme. There will be no input tax credit for GST paid on materials such as cement and steel for the sector at these lower GST rates.
Read more at: https://economictimes.indiatimes.com/wealth/real-estate/gst-council-cuts-rates-sharply-to-make-room-for-housing-growth/articleshow/68146373.cms
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