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GST relief of 4% for Home Buyers under PMAY-CLSS Scheme

Courtesy/By: Rakesh G. | 25 Jan 2018

GST council meeting has given certain GST relief to home buyers under the Credit Linked Subsidy Scheme (CLSS). There will be 8% GST instead of 12% to the eligible home buyers coming under CLSS scheme. Most of the housing projects in the affordable segment in the country would now attract GST of 8% after deducting the value of land under CLSS scheme.

The GST relief is for the under-construction projects. However, there is no GST for the ready to move in projects as the GST is applicable on the construction cost incurred by the builder and not on the houses already constructed, which only amounts to the selling of the building as per the Central Board of Excise and Customs (CBEC)

The concessional rate of GST of 12 percent (which includes effective 8% towards the construction cost after deducting one-third of the amount charged for the house towards the cost of land) will be applicable from January 25, 2018 for houses constructed or acquired under the CLSS for Economically

Weaker Sections (EWS) / Lower Income Group (LIG) / Middle Income Group-1 (MlG-1) / Middle Income Group-2 (MlG-2) under the Housing for All (Urban) Mission/Pradhan Mantri Awas Yojana (PMAY Urban).

Courtesy/By: Rakesh G. | 25 Jan 2018