Center today clarified that there is no GST on sale of complexes, buildings and ready to move-in flats where sale takes place after issue of completion certificate.

Ministry of Finance said in a release that GST is applicable on sale of under construction property or ready to move-in flats where completion certificate has not been issued at the time of sale.

The Ministry has also issued a detailed table on effective rate of tax and credit available to the builders for payment of tax for pre-GST and GST regime.

It said, builders are required to pass on the benefits of lower tax burden to the buyers of property by way of reduced prices/instalments, where effective tax rate has been down.