33rd GST Council Meeting Update

To give boost to the real estate sector as was being envisaged earlier, following recommendations were made by the GST Council in its 33rd meeting held on 24th February, 2019:

  1. With effect from 1st April, 2019, GST @5% on residential properties outside affordable segment; and GST @ 1% on affordable housing properties, without benefit of any input tax credit.
  2. A residential house/flat of carpet area of upto 90 sqm in non-metropolitan cities/towns and 60 sqm in metropolitan cities having value uptoRs. 45 lacs (both for metropolitan and non-metropolitan cities), shall be considered as ‘affordable’.
  3. Further, Intermediate tax on development right, such as TDR, JDA, lease (premium), FSI shall be exempted only for such residential property on which GST is payable.
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