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Dear Sir I need to know the GST rate on FLC i.e Floor Escalation Charge in a high rise. Whether there is any change from the existing rate and the rate applicable from April 2019? Regards Shuvendub Biswas
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It will.be the same as to the under construction project of 5% on legitimate escalation done by builder after informing the buyer
The rate of GST does not differ with number of floors in a building.
Te rate remains same for each floor but the total amount differs with total amount to be paid.
As per the present status of the change in the GST, there is no recent notification by the government by way of gezetted notification. So, for now, it has been same what was last time amended.
Rest, would research on the same if any other update on the same stated as above.
Dear Client,
Developers of residential projects which are incomplete as on March 31, 2019, will have the option either to choose the old structure with ITC (input tax credit) or to shift to the new 5% and 1% rates, without ITC.
Construction starts after 1st April, fresh GST rates will levy.
GST: The new rate structure reduces the rate on affordable housing from 8 per cent with input-tax credit to 1 per cent without input-tax credit, and for other houses from 12 per cent with input-tax credit to 5 per cent without input-tax credit.
PLC charges may vary from location to location, developer to developer and floor to floor. There are various reasons as to why PLC is sought. In some cities, a higher floor could command a higher PLC. Previously, PLC's were charged for the ground floor to the second floor. Soon, this changed. Now you have PLCs for all sets of homes, whether park-facing, road-facing, or for being open from two sides, or sea-facing, school-facing, east-facing, corner-floor, floor abutting 18, 24, 30 metres, penthouses etc. These days, most developers charge a PLC for almost any floor and any apartment. Their effort is to make every unit likeable and thus, extra charges. It may range between Rs 25-250 per sq ft.