How to calculate GST on flat purchase

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The government of India changed the GST tax slabs in real estate in April 2019. Different kinds of properties attract different rates of GST. An under-construction affordable housing property may attract a different GST rate than a non-affordable property. • First, let’s understand what kind of properties don’t attract GST? • If you are buying any ready-to-move-in or completed property, whether it is a flat or villa, where the completion certificate is issued, then no GST is applicable. • Sale of land/plot is a sale of immovable property. Therefore, no GST is applicable, and the land sale is exempted from GST. • Further, GST is not applicable on the resale of the completed property or land/plot. • Now, let’s understand what kind of properties attract GST. • If you are buying an under-construction property, GST is applicable. There are two GST rates for real estate residential projects - one is 1%, and the second is 5 %. • If you are buying any property categorised as affordable housing under the provisions of GST, you need to pay your developer 1% of the total value as GST. Affordable housing is a property that has a carpet area of 60 sq m in metro cities and 90 sq m in non-metro cities, and the value of such property is less than INR 45 lakh. • If the property is not affordable, then 5% GST is applicable. Non-affordable housing property is a property that has a carpet area of more than 60 sq m in metro cities and 90 sq m in non-metro cities, and the value of such property is more than INR 45 lakh. • For commercial properties, be it a shop, an office, a warehouse or any other commercial property, GST is charged at 12%. • For more information • GST on Real Estate • https://www.magicbricks.com/blog/gst-... • GST on Construction -All you need to know • https://www.magicbricks.com/blog/gst-...

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