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;
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Description
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Effective rate of GST (after deduction of value of land)
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Construction of affordable residential apartments
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1% without ITC on total consideration.
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Construction of residential apartments other than affordable residential apartments
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5% without ITC on total consideration.
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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.
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