Indian GST Council Endorses GST Rate Changes For Housing : 15-03-2019

India’s GST Council has decided on a number of goods and services tax regime amendments to boost the availability of affordable housing in the country.

At its 33rd meeting, held on February 22, 2019, the Council agreed that GST should be levied at five percent without credit on residential properties that are not “affordable” houses. Meanwhile GST at one percent without credit would be levied on “affordable housing properties.”

Such “affordable houses” are residential houses or flats up to 90 square meters in size in non-metropolitan cities or towns, and up to 60 square meters in metropolitan cities valued up to INR4.5m (USD63,300). Metropolitan cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata, and Mumbai (whole of MMR).

These rate changes will be effective from April 1, 2019.

Source : PTI

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