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Applicable GST rate 5% or Concessional rate of 1% ?

hubert fernandes

We are executing a residential project being classified as 'Non affordable'. One of the existing customers has availed a Housing loan from the bank under scheme CLSS (PMAY) and is making a request that GST be levied by builder at a concessional rate of 1%.

please advise us whether the same is provided in statue books Or when Affordable projects constructed by Builder shall attract concessional rate of 1%

Regards

Hubert

GST rate for non-affordable housing: concessional housing loan under CLSS does not entitle builders to reduced GST. A purchaser's concessionary housing loan does not change the GST treatment of a project classified as non affordable residential; the builder must apply the standard GST rate for non affordable construction rather than the concessional housing construction rate. (AI Summary)
Goods and Services Tax - GST
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Himansu Sekhar on Nov 18, 2019

Rate will be 5%

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