FINMIN MAKES EX­CEP­TION FOR GST ON FLATS

Deccan Chronicle - - Front Page -

New Delhi, Dec. 8: The fi­nance min­istry on Satur­day said GST will not be levied on buy­ers of real es­tate prop­er­ties for which com­ple­tion cer­tifi­cate is is­sued at the time of sale.

How­ever, Goods and Ser­vices Tax (GST) is ap­pli­ca­ble on sale of un­der­con­struc­tion prop­erty or ready to move in flats where com­ple­tion cer­tifi­cate is not is­sued at the time of sale, it said. The min­istry also asked the builders to re­duce the prices of prop­er­ties by pass­ing on the ben­e­fit of lower GST rate.

“It is brought to the no­tice of buy­ers of con­structed prop­erty that there is no GST on sale of com­plex/build­ing and ready to move in flats where sale takes place af­ter is­sue of com­ple­tion cer­tifi­cate by the com­pe­tent au­thor­ity.”

Af­ford­able hous­ing projects like Jawa­har­lal Nehru Na­tional Ur­ban Re­newal Mis­sion, Ra­jiv Awas Yo­jana, Prad­han Mantri Awas Yo­jana at­tracts 8 per cent GST, which can be ad­justed by the builders against its ac­cu­mu­lated in­put tax credit.

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