Real estate GST: 5% non affordable and 1% affordable rates without ITC effective 1 April 2019. The Council approved an effective GST regime for under construction residential properties: 5% without ITC for non affordable and 1% without ITC for affordable housing, effective 1 April 2019; adopted area and value based eligibility for Affordable Housing (carpet area ceilings of 60 sqm in specified metros and 90 sqm in non metros with a Rs. 45 lakh value cap), allowed up to 15% commercial area treated separately, mandated 80% procurement from registered suppliers with RCM on shortfalls, set pro rata ITC transition rules, and tasked the Fitment and Law Committees to draft detailed notifications and transitional provisions.
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Provisions expressly mentioned in the judgment/order text.
Real estate GST: 5% non affordable and 1% affordable rates without ITC effective 1 April 2019.
The Council approved an effective GST regime for under construction residential properties: 5% without ITC for non affordable and 1% without ITC for affordable housing, effective 1 April 2019; adopted area and value based eligibility for Affordable Housing (carpet area ceilings of 60 sqm in specified metros and 90 sqm in non metros with a Rs. 45 lakh value cap), allowed up to 15% commercial area treated separately, mandated 80% procurement from registered suppliers with RCM on shortfalls, set pro rata ITC transition rules, and tasked the Fitment and Law Committees to draft detailed notifications and transitional provisions.
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