The Goods and Services Tax (GST) Council met for its 33rd meeting and slashed GST rate on under-construction residential properties and the affordable housing projects recently. The decision was based on recommendations of a Ministerial Panel headed by.....Deputy Chief Minister Nitin Patel.

BANKING GENERAL KNOWLEDGE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Goods and Services Tax (GST) Council met for its 33rd meeting and slashed GST rate on under-construction residential properties and the affordable housing projects recently. The decision was based on recommendations of a Ministerial Panel headed by____Deputy Chief Minister Nitin Patel.

A	Maharashtra
B	Goa
C	Punjab
D	Gujarat

Explanation:

Detailed explanation-1: -What is GST for under construction property? With GST rate cut on under-construction properties, the GST for under-construction affordable housing units is 1%, while for non-affordable projects it is 5%, without input tax credit.

Detailed explanation-2: -Is GST applicable to the purchase of a new ready-to-move flat? No rate of GST applies to completed flats, whether we are talking about apartments or homes that have been constructed. This is because a finished project, such as an apartment or villa ready to be moved into, is neither a good nor a service.

Detailed explanation-3: -03/2022–Central Tax (Rate), dated 13th July 2022 and is taxable at 18% GST. Hence, the two-member AAR bench ruled that works contract services executed to the KSDB under PMAY, as the main contractor or sub-contractor, attract 12% GST till 17the July 2022 and is liable for 18% GST w.e.f 18th July 2022.

Detailed explanation-4: -Applicability of GST on Redevelopment of Societies In the case of redevelopment projects, the builder pays his entire GST liability on the gross amount he receives for selling the flats to an independent buyer.

There is 1 question to complete.