Hello friend,
The GST doesn’t cover the real estate sector. The tax rate that applies on a property is charged under ‘work contracts’. This is why, according to the new taxation guidelines, GST isn’t applicable on Ready-To-Move-In projects (project for which construction has been done and occupancy certificate has been received at the time of sale.)
GST is only applicable on under-construction properties only that are yet to obtain their Occupancy Certificate. Let me tell you about the GST rate on flat purchase 2022:
GST On Flat Purchase 2022 GST rate till March 2019:8% with ITC for Affordable Housing and 12% with ITC for Non-Affordable Housing
GST rate from April 2019:1% without ITC for Affordable Housing and 5% without ITC for Non-Affordable Housing
Read more:
Do I have to pay GST on a unregistered resale housing property!?
When we have to pay GST for under construction property?
Do you have to pay GST when buying a house?
GST for ready to move resale flat without flat completion certificate
GST for resale of under construction flat from first owner
Now you know about the GST rate on flat purchase 2022.
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I am buying a flat of super-built area 1120 sqft . My promoter is asking for 12 percent GST as he has taken GST input when he constructed the flat. Am I responsible for paying 12 percent GST on flat purchase.
Binayamrit Mundra
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3 Year
2022-01-20T10:13:12+00:00 2022-01-20T18:27:06+00:00Comment
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