GST slab on Industrial construction and Commercial construction service
Is GST payable for Industrial construction service? What is the rate of GST applicable for Commercial construction service?
Click here to know GST rate for this service
The details about GST rate changes for sale of Commercial and Industrial construction services are being updated here. The notification changes on exemptions for GST for sale of Commercial and Industrial construction services and other circulars related to GST for Commercial and Industrial construction are updated in this website.
Goods and Service Tax (GST) rate tariff in India is designed in 6 categories of goods and services. Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively. Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%. The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional cess than 28% GST.
The GST for Commercial and Industrial construction service is expected to be imposed at 12% or 18%.
If there is proper application of the credit utilization mechanism, then the developers should be able to obtain credit for number of taxes paid on inputs, which will eventually help reducing the overall cost.
The categories of services exempted from paying GST is being declared soon by the authorities. You may go through GST exemption list of services and categories once released and confirm, whether business services of your category fall under exempted list of GST.
This post explains about GST impact on Commercial construction service. The information about GST rate changes for Industrial construction service are updated here. The notification changes on exemptions for GST for Industrial construction service related to GST are updated in this website soon.
Click here to know GST rate for this service
Click here to know GST rate on Goods and Services
Click here to know GST exemption list of goods and service
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