Goods and Services Tax

Don't charge GST from affordable housing buyers: Govt to

Don t charge GST from affordable housing buyers: Govt to – Goods and Services Tax – GST – Dated:- 7-2-2018 – New Delhi, Feb 7 (PTI) The government today asked builders not to charge any GST from home buyers as the effective GST rate on almost all affordable housing project is 8 per cent which can be adjusted against the input credit. It said builders can levy GST on buyers of affordable housing projects only if they reduce the apartment prices after factoring in the credit claimed on inputs. In its last meeting on January 18, the GST Council had extended the concessional rate of 12 per cent GST for construction of houses under the Credit Linked Subsidy Scheme (CLSS) to promote affordable housing, which has been given infrastructure status i

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y GST payable on the flats from the buyers . It further said that GST can recovered from buyers only if builders recalibrate the cost of the flat after factoring in the full ITC available in the GST regime and reduces the ex-GST price of flats. The concessional rate of 12 per cent GST was already applicable on houses constructed under three components of the Housing for All (Urban) Mission/ Pradhan Mantri Awas Yojana (Urban) (i) ln-situ redevelopment of existing slums using land as a resource component; (ii) Affordable Housing in partnership and (iii) Beneficiary led individual house construction/enhancement. In the meeting last month, the Council extended this tax benefit to CLSS for Economically Weaker Sections (EWS)/Lower Income Group (

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