Dear Reader,
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 25 Feburary, 2019 which includes:
Date: 25.02.2019
Gist of 33rd GST Council meeting

GST Council in order to boost residential segment of the real estate sector, provided major relief to home buyer by slashing GST rates on the residential properties. The recommendations made in 33rd GST Council meeting are summarized here under:

GST rate:

  • i. GST shall be levied at effective GST of 1% without ITC on affordable housing* properties.
  • ii. GST shall be levied at effective GST rate of 5% without ITC on residential properties outside affordable segment;

Effective date:

  • The new rate shall become applicable from 1 of April, 2019.
  • *Affordable housing has been defined as a residential house/flat of carpet area of upto 90 sqm in non-metropolitan cities/towns and 60 sqm in metropolitan cities and having value upto Rs. 45 lacs (both for metropolitan and non-metropolitan cities).
  • The recommendation would be given effect to through Gazette notifications/ circulars which alone shall have force of law.
We trust you will find this Journal informative as well as useful.
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Disclaimer: The entire contents of this Journal have been prepared on the basis of relevant provisions and information existing at the time of preparation. The observations of the author are personal view and the author does not take any responsibility of the same and this cannot be quoted without the written consent of the author.

Best Regards!
Knowledge Updates Team
AKGVG & Associates
(Chartered Accountants)

Tel: +91 9811118031, 9818330516,
Landline No.: +91 11 49037920
Website: https://www.akgvg.com