33rd GST Council Meeting held on 20 Feb 2019 WED by VC and 24 Feb 2019 SUN in New Delhi (Highlights)
- STEPWAY SOLUTIONS
- Jul 7, 2021
- 2 min read
GST rate is cute from 12 per cent to 5 per cent on under construction properties. However, there will no input credit available on such transaction fro the builders.
GST rate cut on an affordable housing scheme from 8 per cent to 1 per cent. Affordable housing is termed as property valuing less than 45 lakhs or carpet area of a house in the metro city up to 60 square metres (around 650 square feet) and in the non-metro i.e. 90 square metres (970 square feet).
Properties valuing more than 45 lakhs will be levied with a 5 per cent GST rate at par with the under-construction properties tax rate.
Note: The said amendments will be applicable from 1 April 2019 (FY 2019-2020).
In the recent GST council 33rd meeting which was held on 24th Feb 2019 took some important decisions based on the inputs given by many of the industry experts and GoM.
The GST council slashed In the recent GST council 33rd meeting which was held on 24th Feb 2019 took some important decisions based on the inputs given by many of the industry experts and GoM.
The GST council slashed the GST rate on under construction houses form 12 per cent to 5 per cent for the better. The GST rate cut has been done in the wake of builders input of taxes in the overall construction of the house. The said provision and changes will be going to implement from 1 April 2019 (FY 2019-2020).
However, the GST council also withdrew the benefits of the input tax credit from both the under construction properties as well as from the affordable housing scheme where the rate cut has made to a low level of 1 per cent.
On the other hand, the Pradhan Mantri Jan Awas Yojana also saw some price cut i.e from 8 per cent to 1 per cent making the affordable housing more convenient for the common people however taking back the input tax credit. GST rate on under construction houses form 12 per cent to 5 per cent for the better. The GST rate cut has been done in the wake of builders input of taxes in the overall construction of the house. The said provision and changes will be going to implement from 1 April 2019 (FY 2019-2020).
However, the GST council also withdrew the benefits of the input tax credit from both the under construction properties as well as from the affordable housing scheme where the rate cut has made to a low level of 1 per cent.
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Blog source : GST Council official
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