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On 24 Feb 2019, Sunday GST Council’s 33rd meeting was held. This meeting was originally ?adjourned on 20 Feb, 2019.
In this council's meet, major tax relieving decision was undertaken for the real estate sector. As this sector contributes a major portion of the nation's GDP also, it helps in generating a number of employment opportunities. Hence, becoming a key area on which consideration is required.
No input tax credit shall be available on the above GST amount paid.
Now, let us understand what does affordable housing mean?
The money value in both cases shall not exceed Rs 45 Lacs.
Metropolitian Cities are:
(Restricted to Delhi, Noida, Greater Noida, Gaziabd, Gurgaon, Faridabad)
The residential property on which GST is payable shall be free from immediate development rights taxes like JDA, FSI, long term lease premium etc.
By making the above-stated recommendations GST council has taken a step ahead to Housing for all by 2022. Also, the prescribed GST rates will boost
To read more about 32nd GST Council Meet and the recommendation for constitution of committee to look after real estate sector read our article below.
