In India, as far as I know, the GST on the purchase of a villa depends on whether it is under construction or completed.
For under-construction villas, GST is charged at 5% of the basic cost (without ITC) under the affordable housing scheme if the cost is below Rs.45 lakhs or at 12% (with ITC) if above this limit.
For a villa priced at Rs.1.5 crore, I believe the GST rate is 5% of the basic cost if the builder opts for the new tax regime.
If the villa is completed and has received a Completion Certificate (CC), no GST is applicable.
To do the GST calculation on the purchase 1.5 crore villa, you can try below formula.
GST Amount = (Value x GST%)/100
I would suggest you confirm with the builder.
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How to calculate GST on under construction property with examples
What will be the GST on the purchase of a villa whose basic cost is Rs 1.5 crore?
Sanjay Gupta
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7 months
2025-01-13T09:02:50+00:00 2025-01-17T16:14:59+00:00Comment
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