New GST rate applicable on construction of commercial apartments [shops, godowns, offices etc.] in a real estate project
New GST rate with effect from 01-04-2019, after deduction of value of land or undivided share of land, on construction of commercial apartments [shops, godowns, offices etc.] by promoter in real estate project are as follows;
Construction of commercial apartments in a Residential Real Estate Project (RREP) (Residential Real Estate Project means in which the carpet area of the commercial apartments is not more than 15 per cent. of the total carpet area of all the apartments in the project),which commences on or after 01-04-2019 or in an ongoing project in respect of which the promoter has opted for new rates effective from 01-04-2019 is 5% without ITC on total consideration.
Construction of commercial apartments in a Real Estate Project (REP) other than Residential Real Estate Project (RREP) or in an ongoing project in respect of which the promoter has opted for old rates 12% with ITC on total consideration.
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