I was planning to purchase property, but before that, I wanted to learn about the GST rates. To learn about that I started doing some research and learned that GST rates vary depending on the type of property that you want to purchase. So if you are trying to know what is the GST rate on ready to move in projects, then I can help you with that. The GST rate is around 5%.
What are the GST Rates on Developable Flats?
During my research, I have prepared a table with the GST rates applicable for various cases.
Category | GST Rates |
Under-Construction Flats | 5% GST is applicable. Developers may claim ITC, but passing it on to buyers is not necessary. |
New Flats | 5% GST is applicable. ITC may or may not be passed to buyers. |
Ready-to-Move Flats | 5% GST is applicable only if interior work is unfinished or else not applicable. |
Housing Society Maintenance Fees | If the fee exceeds Rs. 7,500, then 18% GST would be applicable. |
Resale Flats | There is no GST on resale flats if they are classified as immovable property. |
And that’s about it. I hope you find this information helpful.
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What is the GST rate on ready to move in projects ?
Anonymous
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5 Year
2020-08-27T13:44:47+00:00 2023-10-18T12:46:06+00:00Comment
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