Do GST apply on resale homes?
GST on real estate in case of under construction properties is 12%.
GST does not apply to sale of completed properties (where completion certificate has been issued) or to the resale of old properties.
How much is GST on a home purchase?
The Goods and Services Tax (GST) Council at its meeting here on Sunday reduced the GST rate on under-construction houses. For flats priced more than Rs 45 lakh, the new GST rate applicable from April 1, 2019, stands at 5 per cent, against 12 per cent currently.
How much is GST on a resale flat?
A: Earlier, the GST was levied at 12% with an input tax credit (ITC), on payments made for under-construction properties or ready-to-move-in flats, where the completion certificate has not been issued at the time of sale.
Is GST applicable to real estate?
GST on real estate: What it means for you. Before the February GST Council meeting, the GST on real estate was 12% with input tax credit and for affordable housing it was 8% with input tax credit. However, for the projects which will start after 1 April 2019, the developer will have to opt for the new GST rate.