Good News For New Home Buyers

Good news for new home buyers, GST from 8 percent to 1 percent

Good News For New Home Buyers, GST From 8 Percent To 1 Percent


New Delhi: There is good news for newcomers. The GST of the under construction houses has been reduced from 12% to 5%. The GST Council meeting gave a big relief to the people. Apart from this, GST of concessions has been brought down from 1% to 1%.

This decision has been taken in a GST conference meeting today. These new rates will be effective from April 1. Specially, these new rates will be applied even after their homeowners have already gone. However, after this new change in the taxation, the builders can not file a claim for the input tax credit.

The discount house limit has been reduced to 60 square meters in metro cities like Chennai, Bangalore, Delhi, Hyderabad, Kolkata and Mumbai. Also, in small towns, the 90 square meters house will be in the discounted category. The maximum cost is Rs 45 lakhs. These new rates will be effective from April 1.

Finance Minister Arun Jaitley has informed about this. These changes have been made to promote the real estate sector and this will help more and more people to get the benefit of this cut off, "Jaitley said.
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Good News For New Home Buyers Good News For New Home Buyers Reviewed by S Current Affairs on February 25, 2019 Rating: 5
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