Saturday 27 / July / 2024
Indian government on Sunday slashed tax rates on under-construction housing properties to 5 percent without input tax credit, from the existing 12 percent.
The new tax rates will come into effect from April 1, 2019.
This will provide a big relief to NRIs living in Oman who are looking to buy houses in India.
“In its 33rd meeting the GST Council has accorded big relief to Real Estate Sector. GST rate on affordable housing has been reduced to 1% from 8% & for others from 12% to 5% for both without ITC. This will give boost to housing for all & fulfill aspirations of Neo/Middle classes.” - Arun Jaitley, Finance Minister
No tax is levied in cases where completion certificate has been issued at the time of sale.
