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ARTICLE · 12 MARCH 2019

33rd GST Council Meeting – Real Estate Sector Update

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In its 33rd meeting held on 24 February 2019, the GST Council has recommended reduction in GST rates for under-construction residential properties.

IndiaTax
Dinesh Agrawal
Dinesh Agrawal
Abhishek Deodhar
Abhishek Deodhar
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In its 33rd meeting held on 24 February 2019, the GST Council has recommended reduction in GST rates for under-construction residential properties. The GST Council has proposed a slab rate of 1% for the affordable housing segment and a slab rate of 5% in all other housing segments without benefit of the input tax credit (ITC) of GST paid on the inward supplies of goods and services. The change in rate is proposed to be made effective from 1 April 2019.

The GST Council also recommended exemption on intermediate tax on transferable development rights (TDR), joint development agreements (JDA), floor-space index premium, etc., in case of residential properties on which GST is payable. The exact modalities of such exemption will be recommended in a subsequent meeting of the GST Council.

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