Bookmark Bookmark

GST rate on Real Estate reduced during 33rd GST Council meeting

GST rate on Real Estate reduced during 33rd GST Council meeting

The Goods and Services Tax (GST) Council on 24 Feb lowered the tax rate for under-construction housing to five per cent (without input tax credit) from the present effective rate of 12 per cent.

For affordable housing, the GST rate was reduced to one per cent from eight per cent.

GST Council has adopted twin definition of affordable housing.

  1. Carpet area 2. Price

In metro cities, a 60 sq metre carpet area and Rs 45 lakh apartment will fall under affordable housing. In non-metro areas, it will be 90 sq metre carpet area and Rs 45 lakh apartment. This will come into effect from April 1

Currently, the GST is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats and in cases where completion certificate is not issued at the time of sale.

GST Council

  • GST Council has total 33 members where 29 state ministers, two Union Ministers and 2 ministers from Union Territories.
  • The Union Ministers include Finance Minister and Union Minister for State in charge of Revenue.
  • The Central Government has 1/3 vote and rest is with states.

You might be interested:

91st Academy Awards

91st Academy Awards The 91st annual Academy Awards was announced on 24 Feb 2019. List of Winners are: Best Actor: Rami Malek in BOHEMIAN RHAPSODY Best Actress: Olivia Colman in THE FAVOURITE Best Ac ...

one year ago

Prime Minister dedicates to the nation National War Memorial

Prime Minister dedicates to the nation National War Memorial Prime Minister Narendra Modi dedicated the National War Memorial to the nation on 25 Feb.   It is located in ...

one year ago

Banking Digest, 25 February 2019

National On Feb 24, Prime Minister launched the Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN) in Uttar Pradesh at - Gorakhpur. NITI Aayog co-hosted a conference on “The Future of Ind ...

one year ago

One Liners of the Day, 25 February 2019

National On Feb 24, Prime Minister launched the Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN) in Uttar Pradesh at - Gorakhpur. NITI Aayog co-hosted a conference on “The Future of Indian B ...

one year ago

Daily News Digest:24 February 2019

Prime Minister Launches PM-KUSUM Scheme from GorakhpurPrime Minister Narendra Modi formally inaugurated the PM- Kisan Samman Nidhi (PM-KISAN) during a two-day farmers' conclave at Gorakhpur on Februar ...

one year ago

Delhiites’ per capita income thrice the national average

Delhiites’ per capita income thrice the national average Delhi’s per capita income in 2018-19 was pegged at Rs 3,65,529, three times the national average, while its gross state domestic pr ...

one year ago

Provide your feedback on this article: