GST on under construction flats cut from 12 percent to uline{.65cm} %.

2019

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

GST on under construction flats cut from 12 percent to ______ %.

A	10.5 %
B	7 %
C	5 %
D	8.2 %

Explanation:

Detailed explanation-1: -In India, buyers of under-construction flats, apartments, and bungalows pay 1% GST for affordable housing and 5% GST for non-affordable housing. The GST applies to real estate land purchases.

Detailed explanation-2: -However, under GST a single rate of 12% is applicable on under construction properties whereas no GST is applicable on completed or ready to sale properties only if the Completion Certificate (CC) has been issued.

Detailed explanation-3: -As per the new GST rates, the GST on the flat purchase is 1% for the affordable housing segments, whereas 5% for the non-affordable or premium housing units without ITC.

Detailed explanation-4: -[GST payable 18% on 2/3rd of the amount for the property; 1/3rd of the amount having been deemed as value of land or undivided share of land supplied to the buyer.]

There is 1 question to complete.