Hiked GST rate to 18% from 12% for the construction sector by the government, as reported by the PTI it removed the land value from the computation of tax liability.
They notify the tax rates for the central GST, the Central Board of Excise and Customs, IGST and Union Territory GST. For the construction of building, civil structure, it's intended for sale to a buyer, it rate of the GST will attract about 18%.
Whereas the GST council, which was held in May it was decided to levy 12% GST on the construction of a building or the civil structure which was wholly or partly.
GST will be imposed on the fully constructed properties and has a completion of the certificate it was issued by the competent authority.
In the amount the value of land was to be included on which tax was calculated. It gives a post-facto approval for the GST rate changes and schedule for the construction sector.
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