WebMar 9, 2024 · 2.1 Development of complex, etc. by builder for sale under construction. Section 7 (1) of the GST Act defines supply in an inclusive manner. The Schedule II of GST Act [Section 7 (1) (d)] specifies certain activities which are considered as goods or services. Clause 5 (b) of Schedule II reads as follows: WebGST on flat purchases under construction has been a point of concern for luxury property buyers. Under GST, the tax rate applicable to under-construction properties is 5%. …

HC verdict on GST on under-construction flats to reduce tax outgo …

WebPrior to April 1, 2024, the Goods and Services Tax (GST) was levied at 12% with input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats, where the ... WebFeb 25, 2024 · The Council also cut GST rates on affordable housing to 1%, from the current 8%. 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, 2024, stands at 5 per cent, against 12 per … hepatobiliary scan preparation

GST On Real Estate: 5% on Under Construction & 1% on …

WebApr 12, 2024 · With effect from 01-04-2024, effective rate of GST applicable on construction of residential apartments by promoters in a real estate project are as under: Type of Real estate property. GSt rate till 31st march 2024. Input tax credit. GST rate ( from 1st April 2024 onwards) Input tax credit. Construction of affordable residential … WebJan 19, 2024 · Thus registration of under construction flat is better to save lots of overall costs. 2. Profit All Time. Buying an under construction flat is an excellent investment all the time. When you choose to buy an under construction property, you can get a profitable amount of money if you sell it in its completion stage. WebApr 14, 2024 · GST Return Filing GSTR-1, 3B, QRMP Scheme, GST Return for Composition Dealer, GSTR-9, GST TDS Return, ISD Return, Return for eCommerce Operator Income Tax TDS Return Filing of Govt departments/ Business/ Individual Form 24Q, 26Q, 27Q, 26QB, 26EQ/27E, 26QC, 26QD filing & Form 16/16A generation hepatobiliary scan snmmi