Sir
I thinkt billing for affordable housing is to be done taking the value at 1/3 rd for land and balance for flat. For instance if the flat price is Rs 40 lacs, the GST at 1% will be applicable for Rs 30lacs only irrespective of the amount shown in the documents showing the transfer of proportionate land area. Please clarify.
Frah Saeed Answered question June 7, 2020
The actual rate of GST applicable on affordable housing , with no ITC is 1.50%. After considering deemed land component of 1/3rd of total value, the effective rate comes to 1% on total value.
Accordingly in your case the rate of 1% wherein the land component has already been reduced will be applicable on Rs 40 lakhs.
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Frah Saeed Answered question June 7, 2020