The government has levied taxes on different spheres of our lives. Real estate is no different,I will answer all your questions about is GST applicable on house purchase. Each financial year, decision’s about the nation’s budget, finances and taxes are discussed in a session. Take a look below to know more.
What is applicable GST on house purchase ?According to the rules and regulations set by the government. GST charges will be incurred on the purchase of flats. The buyers will need to pay 5% GST without an input tax credit (ITC).
On the other hand, all the properties that fall under the affordable housing segment have a different tax rate. The GST rate applicable on those residential properties is 1% without an ITC.
To answer your question ‘is GST applicable on house purchase’ ?
Yes, buyers need to pay GST on the purchase of property. They need to pay Purchase Tax as well as Duties of Excise.
There is no GST on house purchase when the project is already completed i.e. a housing project that has received completion certificate from a competent authority.
People buying flats and apartments in Under-construction projects are liable to pay GST on flat purchase in 2022.
This is all from my end on GST on house purchase.
Buy or rent the house of your dreams ! Check out the real estate platform NoBroker to see properties in your area.Read more :
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shruti
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2022-03-01T04:07:50+00:00 2022-03-02T12:01:04+00:00Comment
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