{"id":85751,"date":"2019-02-25T14:08:41","date_gmt":"2019-02-25T08:38:41","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=1223"},"modified":"2019-02-25T14:08:41","modified_gmt":"2019-02-25T08:38:41","slug":"gst-on-under-construction-flats-affordable-housing-slashed-by-7-2","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/gst-on-under-construction-flats-affordable-housing-slashed-by-7-2\/","title":{"rendered":"GST on under-construction flats, affordable housing slashed by 7%"},"content":{"rendered":"\n
  1. The GST Council has decided that (a) Under construction properties priced over \u20b945 lakh will attract 5% GST (Goods and Services Tax), instead of 12% and (b) A residential property priced at \u20b945 lakh or below will now be defined as “affordable” and taxed at 1% from 8% earlier.<\/li>
  2. However, builders will not be able to claim input tax credit (ITC) under the new GST rates.Input tax credit is the tax that a business pays on a purchase and that it can use to reduce its tax liability when it makes a sale. In other words, businesses can reduce their tax liability by claiming credit to the extent of GST paid on purchases.<\/li>
  3. GST (Goods and Services Tax) is an indirect tax that has replaced many Central and State taxes like excise duty, VAT and service tax. It is a single comprehensive tax levied on all goods and services produced in India as well as those imported from other countries.<\/li>
  4. Goods & Services Tax Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax.GST Council is a joint forum of the Centre and the States. It consists of the following members:(a) The Union Finance Minister is the Chairperson (b) The Union Minister of State, in-charge of Revenue of finance and (c) The Minister In-charge of finance or taxation or any other Minister nominated by each State Government.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"

    The GST Council has decided that (a) Under construction properties priced over \u20b945 lakh will attract 5% GST (Goods and Services Tax), instead of 12% and (b) A residential property priced at \u20b945 lakh or below will now be defined as “affordable” and taxed at 1% from 8% earlier. However, builders will not be able… Continue reading GST on under-construction flats, affordable housing slashed by 7%<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[3168],"class_list":["post-85751","post","type-post","status-publish","format-standard","hentry","category-economy","tag-goods-and-services-tax","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700801606,"cached_date":1704888858},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/85751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=85751"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/85751\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=85751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=85751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=85751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}