5% gst on under construction house - how it works?

Arun (Business) (81 Points)

24 February 2019  

Hello,

I have puchased a flat worth Rs 70 lakhs in Month of March 2018. The house will be completed in 2020. Every slab level, we are paying instalments only

So far, GST rate has been 18%. So every month, with the instalment among, GST is added as extra. 

Today, the finance ministry has reduced the GST to 5% for under construction house. 

Will this new rate be applicable for me ? Please advice on the same

 

Regards

Arun