WebThe Goods and Services Tax (GST) Council in the 34th meeting has reduced the GST rate on 19th March 2024 on under-construction houses. For flats rated more than Rs 45 lakh, the new GST rate applicable from April 1, 2024, stands at 5%, against 12% currently. The GST Council also reduced GST rates on affordable housing to 1%, from the current 8%. WebAug 26, 2024 · We are builders charging 1.5% and 7.5% on residential flats. While passing purchase entry we are not bifurcating GST charged on us, as we cannot take ITC. Is there any impact of disallowance in Income Tax …
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WebNov 4, 2024 · However, if you are buying a property worth more than Rs 50 lakh, you need to deduct 1% of the purchase price as tax deducted at source (TDS) as required under Section 194-IA of the Income Tax Act 1961 and deposit the amount with the income tax department. According to Balwant Jain, tax and investment expert, the TDS amount … WebOct 1, 2024 · The Goods and Services Tax (GST), launched on July 1, 2024, is a comprehensive taxation system. It largely had a positive effect on prospective real estate … does nsfas fund thekwini city college
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WebAug 25, 2024 · GST applicable on flat purchase in 2024 is 1% without Income Tax Credit for affordable housing while 5% without income tax credit for non-affordable … WebAug 1, 2024 · The following is the new GST rate that is being considered for flat purchases made in residential (real estate) transactions: Residential homes outside the affordable housing sector will be subject to 5% … WebSep 27, 2016 · 31st December 2024: ... What is the GST rate for Flat’s Lift AMC (Annual Maintenance Charge ) in the FY 2024-2024? ... After Manufacturing selling GST rate is 12%, then in this case purchase GST amount is higher than selling GST amount. Then what about difference amount? Reply. SAG Infotech says: May 15, 2024 at 5:06 pm facebook marketplace in williamsport pa