5% GST on flats under construction on the cards

The GST Council is likely to consider lowering GST on under-construction flats and houses to 5% in its meeting next month, an official said.Currently, the Goods and Services Tax (GST) is levied at 12% on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.However, GST is not levied on buyers of real estate properties for which completion certificate has been issued at the time of sale

Source Link : https://www.thehindu.com/todays-paper/tp-business/5-gst-on-flats-under-construction-on-the-cards/article25815895.ece

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