Gst rate on sale of residential flat
WebNov 17, 2024 · Hi Ramyavani, The new rates were introduced on May 27 and are effective immediately. Under the new rates, you are liable to pay 3 percent for the property between Rs 21-35 lakh. 1 percent of the property value will be charged as registration fee. So you will be liable to pay a stamp duty of Rs 72,000 and a registration fee of Rs 24,000. WebMar 2, 2024 · Also, the composition taxable persons must pay GST at lower or nominal rates such as 1.5% or 5% or 6% on their turnover. There is a concept of TDS and TCS under GST as well, whose rates are 2% and …
Gst rate on sale of residential flat
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WebAn 18% GST on residential properties is applicable if the flat owners pay at least Rs. 7500 as maintenance charges. For GST to be applicable, each member should be paying over … WebApr 7, 2024 · Flat owners must pay 18 per cent GST on residential property if they pay their housing society at least Rs 7,500 in maintenance fees. Housing societies or RWAs that collect Rs 7,500 per month per flat must also pay an 18% tax on the total amount.
WebApr 2, 2024 · 1. Builder can opt for, 1% GST for affordable housing and 5% GST for other residential project, without availing ITC. 2. GST 1% / 5% is the effective rate after … WebApr 11, 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 31 st march 2024. Input tax credit. GST rate (from 1 st April 2024 onwards) Input tax credit. Construction of affordable residential apartments. 8%.
WebAug 26, 2024 · 1. GST @ 1.5% (Effective rate 1% after deducting Land Cost) without ITC for affordable residential apartments. 2. GST @ 7.5% (Effective rate 5% after deducting Land Cost) without ITC for residential … WebDec 10, 2024 · 4) RATE OF GST Ans: Effective rate of GST payable on the purchase of an under-construction residence or commercial properties from a builder involving the transfer of an interest in land or individual share of land to …
WebJan 16, 2024 · The rate of GST on houses under the scheme will be 8% and not 12%. Credit-Linked Subsidy Scheme (CLSS) The property could be purchased under CLSS at …
WebEffective GST rate on construction of residential units is 12%. Basically rate is 18%. However, there is no GST on land value and 1/3 of the total value is deemed to be land value. Hence, there is no GST in 1/3 portion which makes effective GST rate as 12% Abhishek Dugar CA, Mumbai 3576 Answers 183 Consultations 4.8 on 5.0 Talk to … pokemon background wallpaperWebAnswer (1 of 3): No. Sale of flat is considered as Supply Of service only when part or whole consideration for flat is received before Completion certficate under ... pokemon back to school pencil caseWebApr 7, 2024 · The Goods and Services Tax Council had reduced the tax rates on residential properties to 5% from 12 per cent in March 2024 and the tax rate on … pokemon backgrounds for computerWebFeb 24, 2024 · The GST Council today (24-Feb-2024)has announced a rate cut in the goods and services tax (GST) charged on sales of residential properties under construction. As per the latest decision, the new GST rate applicable for all housing projects will be 5%, down from the current 12%. pokemon background unbroken bondsWebA] Taxability for residential apartments 1. New rates of GST a. New rate of GST applicable for construction activity carried out after 1 April 2024 and for ongoing projects where promoters have opted for concessional rate Particulars Projects (including on-going projects) Residential real estate project (RREP) Real estate projects (REP) pokemon backpack chespinWebFlat owners paying a minimum of Rs 7,500 as a maintenance charge to their housing society are liable to pay 18% GST on residential property. 18% tax on the entire amount applies to housing societies or residents’ welfare associations (RWAs) that collect Rs 7,500 per month per flat. pokemon background zeraoraWebApr 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 … pokemon background wallpaper charizard