How much is GST on a new house?
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.
Is there GST on buying a house?
If you buy or build a brand new home or condo, you need to pay the federal goods and services tax (GST) on the purchase price – or the harmonized sales tax (HST), if you live in a province that has it. Now, there’s one of two ways you’ll have to pay this: with cash on closing day, or through your mortgage.
What is the GST rate on real estate?
The government has made buying homes easier by slashing the Goods and Services Tax (GST) tax on under-construction properties. Rates have been cut from 8% to 1% for affordable homes and from 12% to 5% for regular units.
Do I have to pay GST on a property purchase?
The government, on February 7, 2018, asked builders not to charge any Goods and Services Tax (GST) from home buyers, as the effective GST rate on almost all affordable housing projects is eight per cent, which can be adjusted against the input credit.