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Highlights-of-33rd-GST-Council-Meeting

 

Highlights of 33rd GST Council Meeting

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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-
 
See related posts : What is CGST, SGST and IGST.

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.
 
See related posts : Accounting Entry under GST.
 

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-

Description

Affordable House

Non-Affordable House

Value

Up to Rs. 45.00 Lakh

More than Rs. 45.00 Lakh

Metro Cities

Up to 60 sq.m.

More than 60 sq.m.

Non Metro Cities

Up to 90 sq.m.

More than 90 sq.m.

 

GST Rates are without the benefit of the Input tax credit (ITC)

Earlier Rate of GST

8%

12%

Revised Rate under 33rd GST Council Meeting dated 24.02.2019 effective from 01.04.2019

1%

5%

 

See related posts : List of Revised GST Tax Rates.



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