GST reduced rates for low-cost homes and 1st time buyers

The GST rate has been reduced to 8% from the existing 12% on purchase of houses availing of the credit linked subsidy scheme (CLSS) under the Pradhan Mantri Awas Yojna.

A first-house buyer with a household income of up to Rs 18 lakh/annum can avail of a benefit of up to Rs 2.7 lakh in buying a house or an apartment of up to 150 sq m (1,615 sq ft) carpet area. Those who do not qualify for CLSS will pay 12% GST for the same house.

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