I am planing to take under construction apartment in Gajularamaram. but now GST is decreased After 1 April 2019. now i am planing take 35 lacs home loan, but registration value is 12 lacs. Can i pay GST is registration value or loan amount. please confirm
Apart from the above mentioned points, a under-construction properties priced up to Rs 45 lakh will now be treated as affordable housing projects and will attract 1% GST without the ITC.
The GST on under-construction flats, which are not in the affordable housing segment, has been reduced to 5% without input tax credit (ITC) from 12% earlier with the ITC. The GST rate on affordable homes has been reduced to 1% without the ITC from earlier 8% with the ITC.
yes, i agree with Dhananjay. The rate cut is for under-construction property or ready-to-move-in flats where the completion certificate is not issued at the time of sale. Properties, for which construction has been completed, attract stamp duty, not the GST.