2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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5 %
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8 %
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12 %
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15 %
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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: -In India, buyers of under-construction flats, apartments, and bungalows pay 1% GST for affordable housing and 5% GST for non-affordable housing.
Detailed explanation-3: -12% GST is applicable for an under-construction home bought without the subsidy and 12% is also applicable for works contracts for affordable housing.
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.]
Detailed explanation-5: -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.