GST rate applicable on construction of residential apartments

GST rate on construction of residential apartments

 

 

GST rate applicable on construction of residential apartments by promoters in a real estate project are as follows;

 

Description

Effective rate of GST (after deduction of value of land)

Construction of affordable residential apartments

1% without ITC on total consideration.

Construction of residential apartments other than affordable residential apartments

5% without ITC on total consideration.

  

The above rates are effective from 01-04-2019 and are applicable to construction of residential apartments in a project which commences on or after 01-04-2019 as well as in on-going projects. However, in case of on-going project, the promoter has an option to pay GST at the old rates, i.e. at the effective rate of 8% on affordable residential apartments and effective rate of 12% on other than affordable residential apartments and, consequently, to avail permissible credit of inputs taxes; in such cases the promoter is also expected to pass the benefit of the credit availed by him to the buyers.

 

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

GST exemption list of goods and service

Find HSN number or Service tariff code for GST

GST registration guidelines

Indian GST Laws

Factory stuffing procedures after GST implementation

Import of goods attracts IGST but not CVD under GST regime

Liability of officers and certain other persons, Section 133 of CGST Act, 2017       

Sec 132 of CGST Act, 2017 Punishment for certain offences         

Section 129 of CGST Act, 2017 Detention, seizure and release of goods and conveyances in transit

Section 124 Fine for failure to furnish statistics, CGST Act, 2017

Changes in IEC after GST

Linking IEC with GSTIN in customs

Import under EPCG after GST

GST on imports by EOUs and SEZs

Risks arising out of foreign laws in Import Export Business  

Cargo risks under Imports and Exports    

Types of Policies to cover credit risks in Import Export Trade  

Causes influencing price of export goods in Export Trade  

Credit risks and solutions under International Business 

Foreign exchange fluctuations risks and solutions in import export Business  

How to overcome the credit risk in an export business?  

Does exchange rate of currency effect export business? 

Risks and solutions in Export Business

What is the difference between BAF and CAF 
What is Tail Gate exam hold in US import clearance

Section 146 of CGST Act, 2017 Common Portal   

Section 145 of CGST Act, 2017 Admissibility of micro films, facsimile copies of documents              

Job work procedure, Section 143 of CGST Act, 2017         

Section 139 of CGST Act, 2017 Migration of existing taxpayers    

Section 135 Presumption of culpable mental state, CGST Act, 2017


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers