The Finance Minister of India, Mr Arun Jaitely informed in 33rd GST Council meeting that there will be a 7% slash in the rate of both under construction houses and affordable housing W.E.F. 1st April 2019.
Currently, the GST rate on under construction houses is 12% and the affordable housing scheme is 8% which will be reduced to 5% and 1% respectively.
Affordable housing definition as per GST Council
Criteria |
Metro Cities |
Non Metro Cities |
Carpet Area |
60 Square Meter |
90 Square Meter |
Value |
45 Lakhs INR |
Note:
Here is the impact of GST rate slash on the real estate sector:
Here is some of the important impact on the end consumer:
“The information contained herein is not intended to be a source of advice with respect to the material presented, and the information and/or documents contained in this article do not constitute any personal advice.”