2019
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
5 %
|
|
|
8 %
|
|
|
12 %
|
|
|
15 %
|
Detailed explanation-1: -GST Council slashed the rate for affordable under construction housing from 8% to 1% and for non-affordable housing segment from 12% to 5%. These rate cuts will be applicable provided no input tax credit is availed by the builders or developers.
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: -Recently, the government decided to lower the e-invoice threshold limit to Rs. 10 Cr. i.e. businesses with an annual aggregate turnover of Rs. 10 Cr. or more in any financial year from 2017-18 onwards need to mandatorily start generating IRN from October 1, 2022 as per GST notification 17/2022.
Detailed explanation-4: -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-5: -Homebuyers in India have to pay a Goods and Services Tax (GST) on the purchase of under-construction properties like flats, apartments and bungalows at the rate of 1% for affordable housing and 5% for non-affordable housing.