Dear Sir / Madam,
As per new amendments there is a GST rate cut on residential property from this 1st April 2019.
For Affordable home GST rate is 1% (Metro 60 SQM and Non Metro 90 SQM), other than Affordable home it is 5%
Here my Question is. What is affordable home?
Is that residential home constructed Individually or it inclusive for Flats also (Square meters as mentioned above)?
Please clarify me in this regard
Individual constructing own house will not charge GST, is n't it?
So it is only builders supplying to customers, having said criteria will charge 1% GST, for affordable houses.
Thank you for the Information, but a company construct building to an Individual wouldn't charge GST for an Individual? Its Business to consumer right?
My question here, affordable homes is available for Flats having less than 60 sqm?
Yes, only if value is upto 45 lakhs..
Thank you ji, I have one more clarification, 60 sqm means is that related to carpet area?
YES...
Read:: "The Council also expanded the definition of affordable housing for the purpose of availing of GST benefits, to those flats costing up to Rs 45 lakhs and measuring 60 sq metres carpet area in metros (Delhi-NCR, Bengaluru, Chennai, Hyderabad, Mumbai-MMR and Kolkata) and 90 sq metres carpet area in non-metros. “We have adopted twin definition of affordable housing, on the basis of carpet area and cost. We have expanded the definition of affordable housing, so that aspiring people can buy slightly bigger (houses), so 60 sq metres carpet area in metros and 90 sq metres outside the metros, which approximate translates to a two-bedroom house in a metro and a possibly three-bedroom house in non-metros. This will come into effect from April 1, 2019,” Jaitley said.
Perfect ji, Thank you so much!
CAclubindia
