2% VAT on resale of flats
Published : Thursday, 7 June, 2018 at 6:19 PM Count : 324
The Finance Minister proposing 2 percent VAT on the resale of any flats irrespective of the size.
He also proposed some measures to bring down truncated value system to 5 rates from current 9 rates.
At present 1.5 percent VAT is applicable on the sale of flats of sizes up to 1100 Square feet, 2.5 percent VAT is applicable on the sale of
flats of sizes up to 1101-1600 Square feet and 4.5 percent VAT is applicable on the sale of flats which are above 1600 square feet.
"In order to incentivize the real estate sector I am proposing to fix 2 percent VAT on the sale of flats of any size which is less than 1600
square feet and keep the existing rate unchanged applicable for the sale of any flats bigger than 1600 square feet. Moreover, I am
proposing 2 percent VAT on the resale of any flats irrespective of the size," the minister said.
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