Is GST applicable to ready-to-move residential property in India?

No, GST does not apply once the Completion Certificate is issued on a residential property.

What is the GST rate on an under-construction residential property?

The GST rate is 1% for an under-construction affordable residential property, and 5% for non-affordable housing.

Properties that are priced up to Rs 45 lakh and fall within the specified carpet area limits qualify as affordable residential properties.

GST is calculated on two-thirds of the property value after deducting the land’s value from the price.

Resale transactions involve the transfer of immovable property rather than construction services.

No, GST does not apply once the Completion Certificate is issued or possession is given.

No. Land transactions usually fall outside the GST framework.

Yes. If monthly charges exceed Rs 7,500 and the society’s annual turnover exceeds Rs 20 lakh.