LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

GST Rate on Construction Sector Hiked to 18 Percent

The government on Thursday hiked the GST rate for the construction sector to 18 percent from 12 percent, but removed land value from computation of tax liability.

PTI

Updated:June 29, 2017, 10:10 PM IST
facebookTwittergoogleskypewhatsapp
GST Rate on Construction Sector Hiked to 18 Percent
Representative image
Loading...
New Delhi: The government on Thursday hiked the GST rate for the construction sector to 18 percent from 12 percent, but removed land value from computation of tax liability.

While notifying the tax rates for central GST, IGST and Union Territory GST, the Central Board of Excise and Customs (CBEC) tweaked the tax rate and the mode for calculation.

Construction of complex, building, civil structure, including a complex or building intended for sale to a buyer, wholly or partly, will attract a GST rate of 18 percent.

GST, however, will not be imposed on fully constructed properties, where completion certificate as been issued by competent authority.

The GST Council had in May decided to levy 12 percent GST on construction of a complex, building, civil structure or intended for sale to a buyer, wholly or partly. The value of land was to be included in the amount on which tax was to be calculated.

The council, sources said, is likely to give a post-facto approval to changes in the GST rate schedule for the construction sector.

Catch the biggest newsmakers and the biggest newsbreaks on CNN-News18, the only news destination. Keep watching CNN-News18 at just 50 paise per month. Contact your cable/DTH operator now!

*Rental/capacity fee of Rs. 130/- as charged by cable/DTH operator may apply. **GST extra.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Sun Pharma 390.75 -8.39
Reliance 1,184.35 4.40
Jet Airways 281.20 -1.44
Yes Bank 198.60 -1.44
HUL 1,744.10 -0.42
Company Price Change %Gain
Sun Pharma 390.75 -8.52
Reliance 1,182.95 4.34
ICICI Bank 371.90 -0.39
Jet Airways 281.35 -1.21
Yes Bank 198.25 -1.59
Top Gainers
Company Price Change %Gain
Reliance 1,184.35 4.40
Wipro 346.15 3.21
Kotak Mahindra 1,240.20 1.66
Hindalco 208.80 1.36
Adani Ports 399.30 1.22
Company Price Change %Gain
Reliance 1,182.95 4.34
Kotak Mahindra 1,237.35 1.41
HCL Tech 964.50 1.02
Asian Paints 1,401.30 0.85
ONGC 146.25 0.79
Top Losers
Company Price Change %Gain
Sun Pharma 390.75 -8.39
Bharti Airtel 311.15 -6.29
GAIL 322.15 -3.08
Larsen 1,317.90 -2.09
HPCL 239.50 -1.92
Company Price Change %Gain
Sun Pharma 390.75 -8.52
Bharti Airtel 310.95 -6.42
Larsen 1,318.25 -2.07
Axis Bank 664.30 -1.77
Yes Bank 198.25 -1.59

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results