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GST Council plans to reduce tax rates on under-construction flats houses to 5%

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GST Council plans to reduce tax rates on under-construction flats houses to 5%

Last updated: December 26 2018
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  • GST Council plans to reduce tax rates on under-construction flats houses to 5%

    Hi All,

    There is a possibility of GST reduction in Under construction flats and the GST council is planning for a change when they meet next month in January.

    This is a great news for all Property buyers as Under construction flats will become cheaper!

    https://www.businesstoday.in/top-sto...ry/303700.html
    Last edited December 26 2018, 03:55 PM.
  • #2

    #2

    Re : GST Council plans to reduce tax rates on under-construction flats houses to 5%

    Also, how this will affect the GST Rates of the flats which are under construction and the builder is following a time bound Schedule. Say, a buyer booking the Flat in Feb 2019 and paying 10% but the builder quotes the price with the time bound schedule starting from Jan 2018 onwards which means he has to pay around 40% of the payment immediately after the booking within a time gap of 15 days (as per Builder's clause). In this case, Buyer has to pay OLD GST which was aplicable till Jan 2019 or pay new GST aplicable from feb 2019.

    Assumption: GST Rates change from Feb 2019 for underconstruction Flats.

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