• Am I eligible for 1% on new property purchase?

I have booked a flat in 2018 June. It was an under construction property. I got the handover in April 2019. My registration is yet to happen. I have paid 12% GST while buying . However I would like to know am I eligible for 1% GST as per new norms?
Asked 4 years ago in Property Law
Religion: Hindu

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11 Answers

In case of payment made till March 2019 you would not be eligible to 1 per cent GST 

 

2) 

From 1st April 2019 Under-construction properties priced up to 45 lakh will now be treated as affordable housing projects and will attract 1% GST without the ITC.

3) Although the cap on the price of affordable houses is 45 lakh for both metro and non-metro projects, the carpet area requirements differ. Only those flats with the carpet area of 60 square metre in metros (Delhi-NCR, Bengaluru, Chennai, Hyderabad, Mumbai-MMR and Kolkata) and 90 square metre in non -metros falling under the 45 lakh cap will be eligible for the 1% GST rate.

Ajay Sethi
Advocate, Mumbai
94720 Answers
7532 Consultations

5.0 on 5.0

Hello,

Yes you are eligible.

Regards

Swarupananda Neogi
Advocate, Kolkata
2964 Answers
6 Consultations

4.7 on 5.0

yes you will get the 1 percent gst

Prashant Nayak
Advocate, Mumbai
31951 Answers
179 Consultations

4.1 on 5.0

Yes, you are eligible for 1% of GST clause and the GST. 

Ganesh Kadam
Advocate, Pune
12930 Answers
255 Consultations

4.9 on 5.0

- The GST Council, on March 19, 2019, approved a transition plan for the implementation of the new tax structure for housing units , and this new GST rates in the real estate industry is effective from 1 April,2019.

- As per this plan, the under-construction properties priced up to 45 lakh will now be treated as affordable housing projects and will attract 1% GST without the ITC.

- You are eligible to get 1% GST , till the time of completion of Project . 

- A Project is considered complete only , if the Completion Certificate is issued for the entire project and not a part thereof. 

Mohammed Shahzad
Advocate, Delhi
13222 Answers
198 Consultations

5.0 on 5.0

yes you are eligible for paying 1% GST as per new norms. 

Mohit Kapoor
Advocate, Rohtak
10687 Answers
7 Consultations

5.0 on 5.0

Rates at the time of booking shall apply. Flat was booked in 2018 and hence the old rates shall apply.

Rahul Mishra
Advocate, Lucknow
14088 Answers
65 Consultations

5.0 on 5.0

If the property is under construction then in that case you are eligible for new scheme of 5 percent and 2 percent on affordable housing. 

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

Residential projects which are incomplete as on March 31, 2019, will have the option either to choose the old structure with ITC or to shift to the new 1% rates for affordable houses. No relief.

 

Yogendra Singh Rajawat
Advocate, Jaipur
22636 Answers
31 Consultations

4.4 on 5.0

The GST on under-construction flats, which is not under the affordable housing segment, has been reduced to 5 per cent without ITC from earlier 12 per cent with ITC.

If you have not taken over the property and no registration has been done yet, you may avail this benefit.

 

T Kalaiselvan
Advocate, Vellore
84921 Answers
2195 Consultations

5.0 on 5.0

you are eligible

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

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