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33rd GST Council Meeting recommendations

33rd GST Council Meeting recommendations

GST Rates for Real Estate Sector to be effective from 1st April, 2019

  • Effective GST rate of 5% without ITC on residential properties outside affordable segment;
  • Effective GST of 1% without ITC on affordable housing properties.

Definition of affordable housing:

  • A residential house/flat of carpet area of up to 90 sqm in nonmetropolitan cities/towns and 60 sqm in metropolitan cities having value up to Rs. 45 lakh (both for metropolitan and nonmetropolitan cities).
  • Metropolitan Cities are Bangalore, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR)

GST exemption on TDR/ JDA, long term lease (premium), FSI:

Intermediate tax on development right, such as TDR, JDA, lease (premium), FSI shall be exempted only for such residential property on which GST is payable.

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