GST on newly constructed flat

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This topic contains 6 replies, has 3 voices, and was last updated by  Team Studycafe 2 months, 3 weeks ago.

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  • #52198

    vspatil
    Participant

    What is the rate of GST on newly construced flat? A builder has started construction after 01/07/2018 and now want to sell of the flats. What is GST rate applicable for sale of such flats.

    #52199

    Pratibha Goyal
    Participant

    Hello Sir

    In your case the builder has started construction after 1st July 2017.

    If he is selling the flats, after he has received completion certificate the same will be exempt from GST.

    If he selling the flats before obtaining Completion Certificate, the rate of GST is 18%.

    Also in case value of land is being transferred in the value of property, the Applicable GST rate will be 12%

    #52200

    Pratibha Goyal
    Participant

    Also there is specific exemption applicable in case of MIG and HIG flats. The applicable GST rate is 8% in case of HIG / MIG flats

    #52201

    vspatil
    Participant

    Thanks Mam. Is there any supporting notifiction for this?

    #52204

    Pratibha Goyal
    Participant

    Yes there are.

    #52206

    Pratibha Goyal
    Participant

    Read CGST Rate Notification number 11/2017 dated 28th June 2017

    #52207

    Team Studycafe
    Keymaster
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