Great GST Relief for Real Estate Sector - Reduced from 12% to 5% for new under construction homes



The GST Council today 24th Feb, 2019 announced a cut in the goods and services tax charged on sales of residential properties under construction. 

The Goods and Services Tax Council, comprising state and federal finance ministers, announced that the new rate will be 5 percent, down from the current 12 percent, on all housing projects which were not in the affordable housing category. 

The council also decided to lower the tax rate on affordable housing projects to 1 percent from 8 percent.
In metro cities, houses with a carpet area up to 60 sq mtr will be classified under affordable housing.In non-metro cities, houses with a carpet area of up to 90 sq mtr will be classified under affordable housing. The new rates will be implemented from April 1. 

The council also altered the definition of affordable housing and said any house built on an area of 60 square metres or less in the metro cities of India will now be categorised as affordable housing. 

For Better Property Consulting, advice and solutions, go to www.haveon.in 

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