INSUBCONTINENT EXCLUSIVE:
The GST is applicable on sale of under construction property, said Ministry of Finance.New Delhi: The government on Saturday said that
buyers of real estate properties will not have to pay Goods and Services Tax (GST) if they purchase the fully constructed property after the
issue of completion certificate."It is brought to the notice of buyers of constructed property that there is no GST on sale of
complex/building and ready-to-move-in flats where sale takes place after issue of completion certificate by the competent authority," the
Ministry of Finance said in a statement.The GST is applicable on sale of under construction property or ready-to-move-in flats where
completion certificate has not been issued at the time of sale, it said.The Ministry further said that housing projects in the affordable
segment such as Jawaharlal Nehru National Urban Renewal Mission, Rajiv Awas Yojana, Pradhan Mantri Awas Yojana or any other housing scheme
most cases will not be required to pay GST in cash as the builder would have enough ITC in his account books to pay the output GST," the
statement said.For projects other than affordable segment, the government said it is expected that the cost of the complex/buildings/flats
of property by way of reduced prices/instalments, where effective tax rate has been down," it said.For the latest News Live Updates on
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