Highlights of 33rd GST Council Meeting
Introduction-
33rd GST Council Meeting held on 24.02.2019 at New Delhi , reduced the rates of GST on Under Constructed Residential Houses, without the benefit of the Input tax credit (ITC) i.e.effective from 01.04.2019 are as under-
Revised GST rates on Under Constructed Residential Houses-
1. Affordable Houses- GST Rate for affordable houses reduced to 1% without the benefit of the Input tax credit (ITC) as against the earlier rate of 8%.
- In case of Metro cities- Value up to Rs.45 lakhs having carpet area of up to 60 sq.m.
- In case of Non-Metro cities- Value up to Rs.45 lakhs having carpet area of up to 90 sq.m.
2. Non-Affordable Houses- GST Rate for non-affordable houses reduced to 5% without the benefit of the Input tax credit (ITC) as against the earlier rate of 12%.
- In case of Metro cities- Value more than Rs.45 lakhs having carpet area of more than 60 sq.m.
- In case of Non-Metro cities- Value more than Rs.45 lakhs having carpet area of more than 90 sq.m.
Metro Cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR).
Brief Summary-
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Description
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Affordable House
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Non-Affordable House
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Value
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Up to Rs. 45.00 Lakh
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More than Rs. 45.00 Lakh
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Metro Cities
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Up to 60 sq.m.
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More than 60 sq.m.
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Non Metro Cities
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Up to 90 sq.m.
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More than 90 sq.m.
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GST Rates are without the benefit of the Input tax credit (ITC)
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Earlier Rate of GST
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8%
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12%
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Revised Rate under 33rd GST Council Meeting dated 24.02.2019 effective from 01.04.2019
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1%
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5%
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